USA Rare Earth má tržní kapitalizaci kolem 3,8 miliardy USD; stonásobné zhodnocení investice by vyžadovalo valuaci 380 miliard USD, což článek považuje za nepravděpodobné.
I'll get straight to the point: Investing $10,000 in USA Rare Earth (USAR -1.45%) could be a worthy endeavor for long-term wealth building, but it likely won't make you a millionaire on its own.
$9.49-$0.14 (-1.45%)
NASDAQ · As of 9:31 AM ET 10/23/26
For starters, USA Rare Earth is a rare-earth mining company. Its assets include the Round Top deposit in Texas, one of the few major U.S. deposit containing rare earths like dysprosium and terbium, both of which are essential for manufacturing permanent magnets. It also plans to manufacture magnets from its facility in Oklahoma, while also producing rare earths from a mine in Brazil.
Obviously, with the U.S. in need of a domestic rare-earth supply chain, there's plenty to like about USA Rare Earth. But turning $10,000 into $1 million requires a 100-fold return. USA Rare Earth's market cap is already around $3.8 billion. A 100-fold gain would imply a $380 billion valuation, assuming no major share dilution.
Staggering, yes. But likely to happen? Not very.
Image source: Getty Images.
The thing is, even if USA Rare Earth succeeds in its mine-to-magnet endeavors, earning the revenue needed to support a $380 billion valuation will be an enormous challenge. I won't say impossible, but there's unlikely to be enough demand to support a mining company of that size, especially with MP Materials (MP -1.40%) also working toward the same goal.
Even the world's largest mining companies today are nowhere near $380 billion.
Data by YCharts
Still, just because USA Rare Earth is unlikely to deliver a 100-fold gain doesn't mean it's a bad investment. Over time, this mining stock could reward investors handsomely, especially if its mine-to-magnet business takes off. I wouldn't buy USA Rare Earth expecting to become a millionaire but I might consider adding some shares to a diversified portfolio for potential long-term upside.
Steven Porrello has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends MP Materials. The Motley Fool has a disclosure policy.
USA Rare Earth je bez akvizice společnosti Serra Verde stále prakticky bez tržeb, přesto díky rostoucí poptávce po domácí produkci vzácných zemin cílí v roce 2030 na EBITDA ve výši 1,8 miliardy USD.
USA Rare Earth (USAR -4.98%) could play a crucial role in helping the U.S. and its allies source critical minerals over the next decade and beyond. China currently dominates the markets for the extraction and processing of rare-earth minerals, giving it considerable leverage and the ability to cut off the U.S. and other countries from these resources, which are crucial for defense systems and other technologies.
The U.S. and China are competing world powers, and there's a real risk that the U.S. could see its access to rare-earth minerals dramatically reduced as geopolitical competition intensifies. USA Rare Earth is positioning itself to improve the company's domestic rare-earth sourcing capabilities and reduce its reliance on potentially hostile foreign governments.
Amid broader reshoring trends, does that make its stock a generational investment opportunity at current prices?
Image source: Getty Images.
USA Rare Earth is risky, but it has intriguing prospects
China using its dominant positioning in the rare-earth minerals industry as a powerful bargaining chip and political tool isn't a hypothetical. It's something that's already happening. In response to tariffs and restrictions imposed by the U.S. on the export of advanced artificial intelligence (AI) chips and semiconductor manufacturing equipment, China implemented a ban on rare-earth exports in October 2025.
Subsequent negotiations resulted in a temporary lifting of the ban, but some Chinese companies have recently canceled exports to the U.S., and exports to Japan remain heavily restricted. China has also banned exports of technologies and products to mining specialists including USA Rare Earth and MP Materials on the grounds that they could be used to support China's military adversaries.
$9.72-$0.51 (-4.98%)
NASDAQ · As of 11:13 AM ET 10/22/26
The solidification of conditions that will lead to strong demand for USA Rare Earth's mining output seems to be quite clear, but that hasn't stopped the company's share price from seeing big pullbacks this year. The company's stock has fallen roughly 15% across 2026's trading, and it's down roughly 74% from the lifetime high that it reached last October.
Despite the big pullback, investors should approach USA Rare Earth with the understanding that it's not a low-risk stock. Excluding the recently acquired Brazil-based mining company Serra Verde, USA Rare Earth is still basically a pre-revenue business. Supply agreements that the company has signed with the U.S. government provide some pricing floor guarantees and safety, but success for the stock may still hinge heavily on commanding higher prices and achieving sufficient levels of operational efficiency with mining and processing.
On the other hand, I do think the stock presents a worthwhile risk-reward profile at current levels and also offers defensive potential against a scenario in which relations worsen between the U.S. and China. With USA Rare Earth sporting a market capitalization of roughly $4 billion and targeting roughly $1.8 billion in annual earnings before interest, taxes, depreciation, and amortization (EBITDA) for 2030, I think there's a compelling case for risk-tolerant investors to add the stock at a time when critical minerals sourcing is becoming increasingly important on the world stage.
Akcie společnosti USA Rare Earth v posledním obchodování klesly o 6 % a za poslední měsíc o 30 %, zatímco firma teprve očekává první vládní náhradu výdajů vázanou na splnění milníků.
Rare earth stocks are selling off hard as a group, and USA Rare Earth faces a particular squeeze with its government reimbursement money tied to milestones it has not yet hit. Whether that funding arrives before the spending pressure builds…
Rare earth stocks are falling as a group, and USA Rare Earth (NASDAQ:USAR) stock is among the worst hit while its milestone-based government funding is still ahead of it. USA Rare Earth stock is at $11.86, down 6% in recent trading. That loss adds to a steep slide and leaves USA Rare Earth stock down 30% over the past month.
Meanwhile, MP Materials (NYSE:MP) stock is falling alongside its smaller rival, down 6% to $43.45. By contrast, Critical Metals (NASDAQ:CRML) stock is holding up far better at $6.82 with just a 0.5% dip. Such a split leaves CRML stock as the steadiest of the three rare earth names.
Sector-wide pressure shows up in the fund data as well. The VanEck Rare Earth and Strategic Metals ETF (NYSEARCA:REMX) is at $58.15, down 5%. Broad-market trading is calm by comparison, with the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) at $777.95, down 0.1%.
Selling Concentrates in Rare Earth Names
USA Rare Earth hasn’t issued any announcement explaining the move. With the rare earth names and the sector ETF falling together while the S&P 500 fund sits close to unchanged, the selling is happening inside one group. MP Materials stock and USA Rare Earth stock are posting nearly identical losses, and both are steeper than the sector fund’s slide.
On the company’s August 10 results call, Chief Financial Officer Rob Steele described USA Rare Earth’s definitive agreements with the Department of Commerce as a milestone-based capital expenditure reimbursement program. Under that setup, the company gets reimbursed only after it reaches specific milestones. Steele said USA Rare Earth expected to apply for its first reimbursement distribution in the coming months, so the government money in the headline still lies ahead of the company.
Spending Runs Ahead of Revenue at USA Rare Earth
USA Rare Earth is building an integrated chain that runs from mining through processing to finished magnets. Its spending arrives years before the revenue that chain is meant to produce. MP Materials operates a producing mine at Mountain Pass. Its bull case is growing sales and a new aerospace and defense purchase deal, while the bear case is start-up costs from its magnet push. Critical Metals is a development-stage company with purchase term sheets for its Greenland project, but no operating revenue and substantial going concern doubt.
Covering the second quarter of 2026, USA Rare Earth reported revenue of roughly $6 million, capital expenditures of $66 million and cash of approximately $1.5 billion at period end. Set side by side, the spending exceeds the sales for the period, and that tension is central to the story.
The bearish case for USA Rare Earth starts with the structure itself, since reimbursement pays nothing until milestones are met. Round Top, the company’s main project, targets commercial operations in late 2028, and heavy spending against a small revenue base makes funding the central question.
On the bullish side, USA Rare Earth’s cash position is large, and the reimbursement structure ties public money to a supply chain the government wants built. A producer and a chain-builder falling by similar amounts in the same session shows the market marking the whole group lower, regardless of any one company’s progress.
What to Watch Next
What matters next for USA Rare Earth is whether its first reimbursement distribution is applied for and received. Traders may want to check for whether the company reports its first magnet sales, which would show the finished end of its chain producing revenue.
Each step would turn the funding in the headline from a promise into cash on the balance sheet. Until then, USAR stock investors should consider keeping their position sizes modest.
Contact [email protected] for any questions or corrections.
Investice 10 000 USD do společnosti USA Rare Earth by za rok klesla zhruba o 47 % na 5 300 USD, protože cena akcie se propadla přibližně z 26 USD na 14 USD.
October 2025 was arguably the best month for U.S. rare-earth stocks. Indeed, both of the top two rare-earth miners in the U.S. -- MP Materials (MP +0.00%) and USA Rare Earth (USAR -0.55%) -- were on an absolute tear, with both stocks up over 45% from the start of the month to Oct. 14, 2025. The geopolitical climate looked favorable to rare-earth companies, China was tightening its grip on critical minerals, and the White House appared dead-set on building a domestic rare-earth supply chain.
What could go wrong, right?
Fast-forward to today, and rare-earth stocks have not delivered on the sky-high expectations investors have had for them. Both MP Materials and USA Rare Earth are down year over year as I write this, as is the VanEck Rare Earth and Strategic Metals ETF (REMX +0.64%).
Although all three are in the red, USA Rare Earth has taken the biggest hit. In fact, an investment in USA Rare Earth last October would have been cut in half.
Image source: Getty Images.
A $10,000 investment in USA Rare Earth would be worth this much today On Oct. 6, 2025, the closing price for USA Rare Earth was about $26. Today, one year later, USA Rare Earth is trading for about $14 a share as I write this. Put differently, a $10,000 in USA Rare Earth stock would be worth about $5,300 today, a loss of roughly 47%.
Premium Feature
Moneyball Superscore
50/100
Today's Change
(
-0.55
%) $
-0.07
Current Price
$
12.56
What happened? Well, USA Rare Earth was riding a wave of investor enthusiasm last October. The Department of Defense had recently invested $400 million in MP Materials, and China was tightening restrictions around rare-earth exports. True, the former bit helped its rival more than itself, but news of Washington's broad support of the rare-earth industry lifted both companies on Wall Street.
At the same time, USA Rare Earth had just appointed Barbara Humpton, former CEO of Siemens USA, as its new CEO last September. Humpton revealed that the company was in talks with the White House, which fueled speculation that USA Rare Earth would receive federal support next.
Things were looking good. Then, things started going south.
In late October, the U.S. and China reached a trade truce that paused China's newest rare-earth export restrictions. All of a sudden, much of the urgency that had shaped USA Rare Earth's bull case had lost its tension.
Meanwhile, investors were waking up to just how much USA Rare Earth would need to turn its mine-to-magnet ambitions into a thriving business. Indeed, this was especially clear in January 2026, when USA Rare Earth raised $1.5 billion by selling around 70 million new shares.
Is USA Rare Earth worth a large investment today? I wouldn't put a big investment into USA Rare Earth today. Mining is an expensive business, and even with federal support in its back pocket, USA Rare Earth has a long way to go before it will produce rare-earth magnets. In the meantime, plenty of factors could derail its ambitions or limit its growth, not the least of which is the enormous amount of capital required to build mines and magnet factories.
At this point, most investors would probably be better off with a rare-earth exchange-traded fund (ETF) that holds shares of multiple companies rather than investing directly in USA Rare Earth.
Rare-earth elements are crucial components for modern technologies, including defense systems. After decades of aggressive state subsidies and price undercutting, China controls 70% of rare-earth element extraction and 90% of processing, according to research from The Motley Fool.
USA Rare Earth (USAR -0.55%) is one of the companies looking to break China's dominance by establishing a fully integrated, Western-based "mine-to-magnet" supply chain independent of China.
Building an end-to-end industrial network from scratch is a big undertaking, and USA Rare Earth has made some massive investments in the last year, including a $2.8 billion acquisition of Brazilian miner Serra Verde and another $1.2 billion investment in its South Carolina facility to process rare earths. Here's which investment matters more, and the role each plays in USA Rare Earth's mine-to-magnet strategy.
Image source: Getty Images.
USA Rare Earth is investing massively as it builds its domestic "mine-to-magnet" business On Sept. 4, USA Rare Earth completed its $2.8 billion acquisition of Brazilian miner Serra Verde Group. The acquisition makes USA Rare Earth the only producer of scale for all four magnetic and heavy rare-earth elements outside Asia and gives it immediate access to the upstream feedstock it needs to produce permanent magnets.
But that is only half of the equation. USA Rare Earth aims to be fully integrated across the value chain, including extraction, separation, alloying, and magnet manufacturing.
The company currently operates a facility in Stillwater, Oklahoma, where it manufactures sintered NdFeB permanent magnets that combine light rare-earth elements (neodymium and praseodymium) and heavy rare-earth elements (dysprosium and terbium) with iron and boron.
Premium Feature
Moneyball Superscore
50/100
Today's Change
(
-0.55
%) $
-0.07
Current Price
$
12.56
In addition to its Oklahoma facility, USA Rare Earth broke ground on Sept. 9 on a $1.2 billion, 800,000-square-foot facility in Blacksburg, South Carolina. Once it becomes operational, the facility will aim to produce 6,400 metric tons of magnets and 5,000 metric tons of alloy annually. It will be a crucial part of management's larger goal of 10,000 metric tons per annum of domestic magnet capacity by 2029.
Which investment matters more for USA Rare Earth? Western nations urgently need to diversify their supply of rare-earth elements and permanent magnets used in many modern technologies, and USA Rare Earth will play a key role in helping them do so. The U.S. government has already committed $1.6 billion to help the company scale up, underscoring the urgency of securing these crucial materials.
As for its investments, the $2.8 billion Serra Verde acquisition is crucial to helping USA Rare Earth secure the much-needed feedstock for permanent magnets. Without it, the company would have to wait years for its Round Top project to come online.
Looking ahead, USA Rare Earth will have its hands full integrating Serra Verde, scaling its manufacturing capabilities, and developing its Round Top project. If it succeeds, USA Rare Earth could become a top domestic producer of these important permanent magnets, but investors should brace for volatility along the way.
The U.S. has a magnet problem. A rare-earth magnet problem.
Pretty much every electronic you use, from smartphones to computers, requires rare-earth magnets to function properly. Indeed, these tiny, powerful magnets are even more ubiquitous than one might think, with applications in electric vehicles (EVs), wind turbines, medical equipment, weapons, and industrial machinery.
At the same time, the U.S. does not have a strong domestic supply of rare-earth magnets. Most of its supply comes from foreign sources, with China dominating the global supply chain.
Image source: Getty Images.
This supply chain weakness is exactly what USA Rare Earth (USAR -1.47%) is trying to solve. In a nutshell, it wants to build a domestic mine-to-magnet business to help the U.S. wrest itself from dependence on foreign exports.
It's a compelling investment thesis. But could a $5,000 investment in USA Rare Earth today actually make you a millionaire?
Premium Feature
Moneyball Superscore
52/100
Today's Change
(
-1.47
%) $
-0.19
Current Price
$
12.45
USA Rare Earth: The bull case USA Rare Earth owns the Round Top deposit in Texas, a mountain full of rare-earth metals. Round Top contains the heavy rare-earth materials needed to produce permanent magnets, including dysprosium and terbium, which help magnets stay strong at high temperatures. It also contains neodymium and praseodymium, two essential ingredients in permanent magnets.
Round Top isn't operational today (management is targeting late 2028), but USA Rare Earth hasn't let that stop it. Most recently, it acquired Serra Verde, which owns the Pela Ema mine in Brazil. Unlike Round Top, Serra Verda is operational; indeed, the company describes it as one of the only scaled producers outside Asia capable of producing the four magnetic rare-earth materials listed above: neodymium, praseodymium, dysprosium, and terbium.
With Serra Verde now in the fold, USA Rare Earth's revenue is expected to explode. Analysts project revenue to jump from roughly $74 million this year to more than $700 million next year, then climb to nearly $1.6 billion the following year.
USAR Revenue Estimates for Current Fiscal Year data by YCharts
USA Rare Earth has a market capitalization of roughly $3.4 billion today. For this stock to make you a millionaire, it would need to grow 200 times. That would grow it to about $670 billion, making it one of the largest -- if not the largest -- mining companies in the world.
For perspective, the largest mining company in the world today -- BHP Group (BHP +1.58%) -- is worth about $219 billion. In other words, USA Rare Earth would need to grow to more than three times the size of the world's largest mining company today to turn a $5,000 investment into $1 million. I'm not saying it's impossible, but it's very, very unlikely.
So, no, I wouldn't expect a $5,000 investment in USA Rare Earth to make investors millionaires. Indeed, I would approach this growth stock cautiously, as the capital-intensive nature of mining will still make turning rapid revenue into profits very difficult.
Aggressive investors might want to speculate with a small position. But if you'd rather not pin your fortune to one company, a rare-earth exchange-traded fund (ETF) may be the better route.
Akcie MP Materials vzrostly o 6 % poté, co investoři ocenili pokrok v magnetech a růstový potenciál kritických minerálů. Firma už dodala magnety General Motors a komerční dodávky čeká ve 4. čtvrtletí roku 2026.
MP Materials just clawed back from a brutal month-long slide, and the reason behind Wednesday's surge points to a high-stakes bet on American magnet manufacturing that could either redefine the company or expose how much depends on forces outside its…
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.
MP Materials (NYSE:MP) stock surged 6% to $48.29 on Wednesday as traders weighed the company’s critical minerals growth story. USA Rare Earth (NASDAQ:USAR) shares rose 3% to $14.44, while Critical Metals (NASDAQ:CRML) stock stayed essentially flat, up 0.1% to $7.39. Rare-earth names showed selective strength after a recent sector pullback.
The VanEck Rare Earth and Strategic Metals ETF (NYSE ARCA:REMX) slipped 0.57% to $64.42. Broader markets advanced, with the SPDR S&P 500 ETF Trust (NYSE ARCA:SPY) up 0.47% to $767.80. MP Materials has drawn attention this week as second-quarter operating progress and near-term magnet shipments to General Motors kept the growth narrative intact. Outside commentary continues to question whether the stock’s valuation depends heavily on government support, while investors watch fourth-quarter commercial magnet deliveries as the next major proof point.
MP Materials Rebounds on Magnet Progress MP Materials shares recovered ground after a sharper decline over the prior month that left the stock down roughly 21%. The company has advanced its downstream magnetics strategy, with magnets already delivered to General Motors for in-vehicle qualification and regulatory testing. Commercial shipments are expected to begin in the fourth quarter of 2026 from the Independence Facility in Fort Worth, Texas.
Second-quarter results showed revenue rising 89% year over year, NdPr production up 41%, and adjusted EBITDA turning positive. The Magnetics segment continues to scale as MP Materials shifts from magnetic precursor products toward finished neodymium-iron-boron magnets under its long-term supply agreement with General Motors.
USA Rare Earth Advances, Critical Metals Holds Steady USA Rare Earth stock posted a solid gain. The company is developing a domestic rare-earth supply chain focused on mining and magnet production outside China. USA Rare Earth shares have moved with broader interest in U.S.-based critical minerals projects even as individual catalysts differ across the group.
Critical Metals stock remained nearly unchanged. Critical Metals holds an early-stage rare-earth project in Greenland that has attracted attention amid recent geopolitical developments, though the company remains at a different stage of development than more advanced producers. Both USA Rare Earth and Critical Metals operate within the same strategic metals theme but lack MP Materials’ established mining and near-term commercial magnet production.
Rare Earth Group Reflects Selective Interest The VanEck Rare Earth and Strategic Metals ETF’s modest decline indicated limited broad participation beyond the leading names. Texas has emerged as a growing hub for America’s rare-earth supply chain, with MP Materials’ Fort Worth magnet facility representing a visible piece of the domestic buildout. Demand drivers include electric vehicles, defense applications, and electronics, yet the sector remains sensitive to policy shifts and commodity pricing.
Similarities among MP Materials, USA Rare Earth, and Critical Metals include exposure to efforts to reduce reliance on Chinese rare-earth processing and magnet production. Differences center on operational maturity, with MP Materials already producing oxides at Mountain Pass and preparing commercial magnet shipments, while the peers remain earlier in their development timelines. Valuation debates continue to focus on the role of government financing and offtake support.
MP Stock: What to Look For Now MP Materials’ rebound highlights ongoing interest in its path from mining and processing into higher-value magnet manufacturing. Fourth-quarter commercial deliveries to General Motors represent a key milestone that could help validate the downstream strategy. At the same time, the stock’s sensitivity to sector sentiment and questions around long-term profitability without policy support remain points of caution.
Investors in MP Materials stock should consider keeping position sizes modest given the volatility typical of critical minerals equities. Successful ramp of magnet production, sustained offtake agreements, and further operating improvements could support MP Materials shares, while delays in commercial shipments or weaker rare-earth pricing may renew pressure across the group.
Contact [email protected] for any questions or corrections.
USA Rare Earth zahájila výstavbu závodu v Blacksburgu, který má po spuštění vyrábět 6 400 tun magnetů NdFeB a 5 000 tun kovu ročně. Spolu s expanzí ve Stillwateru má kapacita dosáhnout 10 000 tun ročně.
Key Takeaways USA Rare Earth broke ground on an 800,000-square-foot Blacksburg rare earth facility.USA Rare Earth expects the plant to produce 6,400 tpa of NdFeB magnets and 5,000 tpa of metal.The Blacksburg and Stillwater expansion are expected to provide 10,000 tpa of domestic magnet capacity. USA Rare Earth, Inc. (USAR - Free Report) marked another step in its strategy to build an integrated domestic rare earth supply chain. The company has broken ground on a new rare earth metal and magnet manufacturing facility in Blacksburg, SC.
USAR is investing almost $1.2 billion to build the approximately 800,000-square-foot facility on a 124-acre site in Cherokee County. The project is expected to create around 490 high-skill manufacturing jobs, with commissioning targeted to begin in 2028. Once operational, the plant is expected to produce 6,400 metric tons per year (tpa) of sintered neodymium-iron-boron (NdFeB) permanent magnets and 5,000 tpa of strip-cast rare earth metal and alloy.
The Blacksburg facility will complement USA Rare Earth's existing magnet manufacturing operation in Stillwater, OK, where it commissioned its first commercial production line earlier this year. Together with the planned Stillwater expansion, the two facilities are expected to provide 10,000 tpa of domestic NdFeB magnet manufacturing capacity.
The new facility is part of the company’s strategy to build capabilities across the rare earth value chain, including mining, processing, separation, metal and alloy production, and permanent magnet manufacturing. This expansion will support the company’s long-term growth.
Snapshot of USA Rare Earth’s PeersAmong its major peers, Trilogy Metals Inc. (TMQ - Free Report) continues to make steady progress at the Ambler mining district. Although Trilogy is not yet in production, it is advancing the Upper Kobuk Mineral Projects through Ambler Metals LLC, its joint venture with South32 Limited. In August 2026, Trilogy executed definitive agreements for a roughly $35.6 million strategic equity investment by the U.S. Department of War to support exploration and development of the projects. The Arctic Project is also progressing through federal and state permitting, with a targeted Record of Decision in September 2028.
USAR’s other peer, NioCorp Developments Ltd. (NB - Free Report) , is working to move its Elk Creek Project in Nebraska closer to production. In August 2026, NioCorp completed an updated feasibility study that envisions a 40-year mine producing eight critical-mineral products, including niobium, scandium, titanium and several rare earth products. NioCorp's study estimates a pre-tax net present value of $4.1 billion, while ongoing mine-portal construction is establishing the future access point to the underground operation.
USAR’s Price Performance, Valuation & EstimatesShares of USAR have gained 33% in the year-to-date period compared with the industry’s growth of 21%.
Image Source: Zacks Investment Research
From a valuation standpoint, USAR is trading at a forward price-to-sales ratio of 8.07X compared with the industry’s average of 1.43X. USA Rare Earth carries a Value Score of F.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for USAR’s 2026 earnings has declined over the past 60 days.
USA Rare Earth v pátek oslabila o 1,7 % na 15,37 USD. Firma zároveň oznámila partnerství s Pasqal a Riven Systems na využití kvantového strojového učení při zpracování vzácných zemin.
USA Rare Earth Inc. (NASDAQ:USAR – Get Free Report) shares fell 1.7% during trading on Friday . The company traded as low as $15.15 and last traded at $15.37. Approximately 17,045,213 shares were traded during trading, an increase of 5% from the average daily volume of 16,252,271 shares. The stock had previously closed at $15.63.
More USA Rare Earth News Here are the key news stories impacting USA Rare Earth this week:
Positive Sentiment: The companies will combine USA Rare Earth’s mineral-processing expertise, Pasqal’s neutral-atom quantum computing, and Riven Systems’ automated chemistry platform. The goal is to use quantum machine learning to identify more efficient chemicals and processes for separating rare-earth elements. USA Rare Earth, Pasqal and Riven Systems Partner to Advance Next-Generation Technologies for Critical Mineral Production Positive Sentiment: The project will test new separation methods using material from USA Rare Earth’s Round Top project in Texas. If successful, the technology could improve recovery rates, lower processing costs, and strengthen the company’s position in the U.S. critical-minerals supply chain. USAR Turns To AI, Quantum Computing To Tackle A Key Supply Bottleneck Neutral Sentiment: The partnership is at a development and testing stage, and the announcements did not disclose commercial timelines, expected production benefits, or financial terms. Investors therefore may view the opportunity as strategically promising but not an immediate revenue catalyst. Will USAR’s AI-Driven Approach Enhance Rare-Earth Processing? Negative Sentiment: USA Rare Earth’s latest reported quarter included a larger-than-expected loss, while analysts expect a full-year loss. That existing profitability risk may be limiting the stock’s response to the technology announcement, particularly given the company’s historically volatile trading. Analyst Upgrades and Downgrades A number of research analysts have recently weighed in on the company. Weiss Ratings lowered USA Rare Earth from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, August 11th. Jefferies Financial Group initiated coverage on USA Rare Earth in a research report on Wednesday, September 2nd. They issued a “buy” rating and a $21.00 price target for the company. Cantor Fitzgerald restated an “overweight” rating on shares of USA Rare Earth in a research note on Tuesday, August 11th. Roth Capital cut their price objective on shares of USA Rare Earth from $40.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, July 21st. Finally, Benchmark reaffirmed a “buy” rating on shares of USA Rare Earth in a report on Wednesday, June 3rd. Ten investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $33.71.
Get Our Latest Stock Report on USA Rare Earth USA Rare Earth Stock Performance The stock has a market cap of $3.76 billion, a P/E ratio of -6.33 and a beta of 2.58. The business has a 50 day simple moving average of $16.99 and a 200-day simple moving average of $19.76.
USA Rare Earth (NASDAQ:USAR – Get Free Report) last posted its quarterly earnings results on Monday, August 10th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.08). The company had revenue of $5.82 million for the quarter. On average, sell-side analysts predict that USA Rare Earth Inc. will post -0.62 earnings per share for the current fiscal year.
Institutional Inflows and Outflows A number of institutional investors and hedge funds have recently modified their holdings of the stock. MCF Advisors LLC bought a new stake in shares of USA Rare Earth in the 2nd quarter worth approximately $43,000. RFG Advisory LLC increased its position in USA Rare Earth by 459.1% in the second quarter. RFG Advisory LLC now owns 59,835 shares of the company’s stock worth $1,291,000 after buying an additional 49,133 shares during the last quarter. IFP Advisors Inc raised its stake in shares of USA Rare Earth by 477.4% in the second quarter. IFP Advisors Inc now owns 67,896 shares of the company’s stock valued at $1,465,000 after buying an additional 56,137 shares during the period. Arizona State Retirement System raised its stake in shares of USA Rare Earth by 129.7% in the second quarter. Arizona State Retirement System now owns 48,117 shares of the company’s stock valued at $1,038,000 after buying an additional 27,166 shares during the period. Finally, Nykredit A S purchased a new position in shares of USA Rare Earth during the 2nd quarter valued at $115,000.
About USA Rare Earth (Get Free Report)
USA Rare Earth, Inc is a U.S.-focused critical minerals company developing an integrated rare earth supply chain. Its activities center on the production of rare earth materials used in permanent magnets, electric vehicles, wind turbines, defense systems, electronics and other advanced technologies.
The company’s principal asset is the Round Top rare earth and critical minerals project in Hudspeth County, Texas. USA Rare Earth is advancing plans to mine and process ore from Round Top and produce separated rare earth oxides and other critical mineral products, including materials containing neodymium, praseodymium, dysprosium and terbium.
Further Reading Five stocks we like better than USA Rare Earth Lennar’s Earnings Miss May Be Sending a Bigger Warning About U.S. Housing Priced for a Pullback or More Gains? These 3 Stocks Are Testing the Limits These 3 Agentic AI Stocks Have More Than Hype Behind Their Growth Stories Not Just Banks: 3 Trading Stocks to Watch After the Fed Rate Hike Receive News & Ratings for USA Rare Earth Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for USA Rare Earth and related companies with MarketBeat.com's FREE daily email newsletter.
USA Rare Earth, Pasqal a Riven Systems uzavřely strategické partnerství pro vývoj nové separační technologie pro vzácné zeminy s využitím kvantového strojového učení a AI. Cílem je levnější a méně energeticky náročné zpracování.
PARIS, NEW YORK and WHEAT RIDGE, Colo., Sept. 17, 2026 (GLOBE NEWSWIRE) -- USA Rare Earth (Nasdaq: USAR), a rare earth, critical minerals and advanced materials company, Pasqal (Nasdaq: PSQL), a global leader in neutral-atom quantum computing and Riven Systems, a specialist in AI for industrial chemistry, today announced a strategic partnership to develop next-generation separation technology for the rare earth value chain. Using quantum machine learning, the project aims to identify new separation molecules that bind more effectively to rare earths than existing alternatives, enabling smaller, lower-cost, less energy-intensive processing facilities.
The collaboration brings together U.S. and French expertise in two strategically important sectors: critical minerals and quantum computing. Together, the companies aim to explore technologies that could help support a more secure, efficient and competitive Western rare earth supply chain.
The partnership brings together Riven’s self-driving minerals separation laboratory and Pasqal’s quantum computing power with USA Rare Earth’s rare earth processing expertise. Under the planned project, Riven would conduct thousands of automated experiments and generate the training data needed to build machine learning models of extractant selectivity for rare earth elements. Pasqal’s Neutral Atom QPU would then benchmark quantum machine learning models against classical computing-based models (each trained on data from the self-driving lab) to support USA Rare Earth in optimizing extractant selection.
"The key challenge the rare earth industry outside Asia faces is to separate the Mixed Rare Earth Carbonate (MREC) produced in upstream operations into individual, separated oxides. The Chinese dominate this capability, especially for vital heavy rare earths such as dysprosium, terbium and yttrium. Our goal is to accelerate the path to efficient, competitive and sustainable solutions by changing how the rare earth industry discovers the chemistry it runs on, replacing years of trial-and-error," remarked Alex Moyes, Senior Vice President of Upstream (USA), USA Rare Earth. "This strategic partnership will institute an innovative discovery pipeline where new extractant molecules are identified and tested virtually, powered by a quantum machine learning model trained on real chemical data from an autonomous lab. Rapid discovery of an extractant built and optimized for USA Rare Earth's flowsheets could improve our capital and operating efficiency by reducing stage count, equipment needs and raw material consumption, while lowering the carbon footprint and environmental impact of our facilities. Breakthroughs like these are what could help make a Western rare earth value chain possible and accelerate our journey to being competitive on the world stage."
Pasqal and Riven will tailor their work to USA Rare Earth’s feedstocks, expected to include the Round Top mine in Sierra Blanca, Texas, as well as third-party mixed rare earth carbonates (MREC) and recycled cuttings (known as swarf) from the magnet manufacturing process. Targeting these key feedstocks means the experimental work can potentially impact all aspects of USA Rare Earth’s materials processing work.
"This partnership brings together three companies working at the forefront of technologies that are increasingly important to economic growth, industrial competitiveness and national resilience," said Wasiq Bokhari, Chief Executive Officer of Pasqal. "Rare earth materials are essential and improving how they are processed has implications far beyond a single industry. By combining Pasqal's quantum computing capabilities with USA Rare Earth's materials expertise and Riven's advanced automation platform, we have an opportunity to accelerate innovation while demonstrating how French and American companies can work together to strengthen critical supply chains."
USA Rare Earth, Pasqal, and Riven believe this initial machine learning project could create opportunities for a deeper, extended collaboration. Over time, the companies envision a first-of-a-kind, end-to-end extractant discovery process: a quantum machine learning model identifies high-potential extractants, those extractants are tested in Riven’s self-driving lab, and top candidates are validated in USA Rare Earth’s R&D facility in Wheat Ridge, Colorado before being integrated in USA Rare Earth’s flowsheets.
"AI and autonomous labs are the next frontier in critical mineral processing," said Dr. Orion Archer Cohen, CTO and co-founder of Riven Systems. "We applaud USA Rare Earth’s proactive adoption of these technologies, which forge a path to significant improvements over legacy chemistry. This is exactly how the West can leverage its lead in advanced compute technologies to reindustrialize faster."
About USA Rare Earth, Inc.
USA Rare Earth, Inc. (Nasdaq: USAR) is building a fully integrated rare earth and permanent magnet value chain across the United States, Brazil and the United Kingdom. Through its ownership of Less Common Metals (LCM), one of the world’s leading producers of rare earth metals and alloys, its development of magnet manufacturing capacity in Stillwater, Oklahoma, the Pela Ema mine in Brazil and the Round Top deposit in Texas, USA Rare Earth operates across the entire value chain from mining to metal-making, alloy production and neodymium magnet manufacturing. USA Rare Earth is establishing a secure, Western-aligned supply of materials essential to the aerospace and defense, semiconductor, energy, data center, physical AI, mobility, healthcare and industrial sectors. For more information, visit www.usare.com.
About Pasqal
Pasqal (Nasdaq: PSQL) helps organizations tackle problems that are difficult or impossible to solve with conventional computing methods alone. Founded in 2019 on Nobel Prize–winning research, Pasqal builds and operates neutral-atom quantum computers, delivered with a full software stack, for industry, science, and governments. Pasqal’s production-ready systems are available both on-premises and through the cloud, enabling organizations to harness quantum computing without requiring in-house quantum expertise. A single hardware platform supports analog workloads today and is designed to evolve toward fault-tolerant quantum computing in the future.
Headquartered in France with operations globally, Pasqal’s quantum computing systems are used by customers across energy, financial services and advanced materials to address complex challenges. Pasqal’s customers include Saudi Aramco, Crédit Agricole CIB, LG Electronics and supported by partnerships with NVIDIA and IBM (Pasqal is part of the IBM Quantum Network).
About Riven Systems
Riven Systems builds chemical intelligence for industrial independence, with the immediate goal of leveraging AI and automation to bring critical minerals processing back to the West. The company is headquartered in New York City, NY. Learn more at rivensystems.ai.
Contacts
For USA Rare Earth:
Investor Relations Contact
J.B. Lowe, CFA
USA Rare Earth, Inc. [email protected]
Media Relations Contact
Collected Strategies
Dan Moore / Scott Bisang [email protected]
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include those relating to the strategic partnership between USA Rare Earth, Pasqal and Riven as well as its mission, goals and planned methodology as well as the expected contribution of each party, the ability of quantum computing, AI and autonomous labs to be successfully applied to industrial applications, including to reduce the cost, energy use and complexity of rare earth processing; the anticipated implications, benefits and applications of any new separation molecules identified by the strategic partnership, the expected impact of any future extractant discovery process resulting from the strategic partnership on USA Rare Earth’s materials processing work and the rare earth value chain and other statements regarding USA Rare Earth’s and Pasqal’s expectations for future development, operations, strategies, transactions and financial performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as “aim,” “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “growth,” “intend,” “may,” “might,” “plan,” “potential,” “project,” “propose,” “should,” “target,” “vision,” “will,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
Forward-looking statements are subject to risks and uncertainties and potentially inaccurate assumptions that could cause actual results to differ materially from USA Rare Earth’s and Pasqal’s expectations, including without limitation: risks that the strategic partnership between USA Rare Earth, Pasqal and RIVEN may not yield viable molecule candidates on a timely basis or at all; risks that USA Rare Earth and Pasqal may not realize any of the anticipated benefits associated with the strategic partnership even if viable molecule candidates are identified; the risk that the application of quantum computing, AI and autonomous labs to industrial applications, such as advancing separation chemistry in rare earth processing, is novel and relatively untested; risks that USA Rare Earth may not realize the anticipated benefits of its combination with Serra Verde or its proposed and prior acquisitions, including expected synergies, financial performance, estimated earnings before interest, taxes, depreciation and amortization and, in the case of Serra Verde, integration of operations, on the anticipated timeline or at all; potential delays in the optimization and commissioning program and the Phase II expansion at the Pela Ema facility; political, economic, regulatory, tax, currency and other risks associated with Serra Verde’s operations in Brazil and Switzerland; physical climate risks related to the Pela Ema mine; the assumption of the Offtake Agreement and substantial indebtedness under Serra Verde’s Retained Finance Agreement, in each case which contains restrictive covenants and other requirements that could adversely affect the combined company’s financial flexibility and operations; risks that the Offtake Agreement is terminated or ceases to be in full force and effect or that the counterparty to the Offtake Agreement is insufficiently capitalized, including as a result of a failure to finalize definitive debt financing arrangements within the timeframes contemplated by the Offtake Agreement; risks that the proposed transaction with Carester SAS may not be consummated on its anticipated timeline or at all; the ability of USA Rare Earth’s Stillwater magnet manufacturing facility to generate revenue and the ability of USA Rare Earth’s planned Blacksburg facility to commence commercial operations on the timing and with the production capacity anticipated or at all; USA Rare Earth’s limited operating history; USA Rare Earth’s ability to commercially extract minerals from the Round Top deposit on its anticipated timeline or at all; differences between planned and actual recovery and yield rates; risks that USA Rare Earth may experience delays, unforeseen expenses, increased capital costs, and other complications while developing its projects; USA Rare Earth’s ability to raise necessary capital on acceptable terms or at all; potential dilution to existing stockholders and adverse effect on USA Rare Earth’s stock price if it issues additional common stock or equity-linked securities; the volatility of USA Rare Earth’s stock price; the availability of rare earth oxide, metal feedstock and other materials, utilities (including power and water) and equipment in quantities and prices that allow USA Rare Earth to develop and commercially operate its Stillwater facility and other facilities; USA Rare Earth’s ability to meet individual customer specifications and produce a consistently high quality product; potential supply chain, logistics or product delivery disruptions; any delays in obtaining or renewing permits and licenses; any changes in royalty rates or the imposition of new royalties; risks associated with community relations; fluctuations in demand for and prices of neo magnets, rare earth elements and USA Rare Earth’s other products, including without limitation as a result of dumping, predatory pricing and other tactics by USA Rare Earth’s competitors or state actors or the overall competitive environment; USA Rare Earth’s ability to achieve positive cash flow or profitability or the ability to access cash flow within its corporate structure due to restrictions contained in its financing agreements; USA Rare Earth’s ability to convert current commercial discussions and/or memorandums of understanding with customers for the sale of its neo magnets and other products into definitive orders; USA Rare Earth’s dependence, in part, on the growth of existing and emerging uses for neo magnets; the risk that additional manufacturing, refining and mining competitors could result in a reduction in revenue; geopolitical developments or disruptions, such as changes in the political environment, export/import or environmental policy of the People’s Republic of China, the United States or other countries in which USA Rare Earth operates or sells products or otherwise; USA Rare Earth’s designation on an export control list by China which has had and is expected to continue to have an adverse impact on its ability to source key raw materials and supplies from China; war, terrorism, natural disasters or public health emergencies; USA Rare Earth’s ability to retain or recruit key personnel; environmental, health and safety regulations; the receipt of funding from the U.S. Department of Commerce is subject to the achievement of milestones which may not be achieved on the expected timeline or at all; USA Rare Earth’s ability to comply with requirements for federal, state and local government incentives and financing; the risk from Pasqal pursuing an emerging technology, facing significant technical challenges and the potential that it may not achieve commercialization or market acceptance; Pasqal’s reliance on strategic partners and other third parties; risks related to Pasqal’s indebtedness; and Pasqal’s ability to maintain, protect and defend its intellectual property rights
Additional risks and detailed information regarding factors that may cause actual results to differ materially has been and will be included in USA Rare Earth’s and Pasqal’s filings with the SEC, including USA Rare Earth’s most recently filed Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q and subsequent filings, as well as Pasqal’s recently filed Registration Statement on Form F-1. Any forward-looking statements speak only as of the date of this press release (or such other date as is specified in such statements), and USA Rare Earth and Pasqal undertake no obligation to update any forward-looking statements as a result of new information or future events or developments.
USA Rare Earth začala v Oklahomě komerčně vyrábět sinterované permanentní magnety NdFeB. V první polovině roku 2026 ale vykázala čistou ztrátu 77,3 mil. USD a náklady na prodej, všeobecné a administrativní činnosti (SG&A) vyskočily na 53,8 mil. USD.
Key Takeaways USA Rare Earth began commercial production of sintered NdFeB permanent magnets in Oklahoma.SG&A surged to $53.8M as legal, consulting, headcount and other growth costs increased.USA Rare Earth posted a $77.3M net loss as product costs and R&D expenses climbed in 2026. USA Rare Earth, Inc. (USAR - Free Report) is still in the early phases of commercialization and continues to incur losses as it scales its operations. Though the company started generating revenues following the acquisition of Less Common Metals, higher operating expenses related to expansion, acquisitions and workforce growth are pressuring its profitability.
USAR’s cost of product revenues was $13 million in the first half of 2026, exceeding total revenues of $11.5 million. In the same period, its selling, general and administrative expenses surged to $53.8 million from $13.3 million in the year-ago period owing to increasing legal and consulting costs, higher headcount, recruiting fees and other growth-related expenses.
USAR’s research and development expenses climbed to $25 million compared with $4.3 million reported in the year-ago period due to higher employee-related and development costs. It posted a net loss attributable to USA Rare Earth of $77.3 million, or 37 cents per share, in the first half of 2026.
However, USAR recently reached a significant milestone by commissioning Phase 1a of its commercial magnet production line at its Stillwater, OK, facility. The company has begun commercial production of sintered neodymium-iron-boron (NdFeB) permanent magnets.
While USA Rare Earth is making steady progress in expanding its operations, continued losses and cost pressures remain challenges. The company’s ability to balance growth investments with improving revenues and cost discipline is expected to benefit it in the quarters ahead.
USAR’s Peer PerformanceAmong its major peers, NioCorp Developments Ltd. (NB - Free Report) is experiencing rising cost pressures. In the third quarter of fiscal 2026, Niocorp reported a significant year-over-year increase in operating expenses, primarily driven by spending related to the advancement of the Elk Creek Project. If these elevated costs persist, they could weigh on NioCorp’s margins and profitability.
Its another peer, Rio Tinto Group (RIO - Free Report) , is gaining from rising copper production, driven by strong operational performance across its assets. However, weather-related disruptions in the first quarter of 2026 affected Rio Tinto’s bauxite volumes. In the first half of 2026, Rio Tinto's productivity program delivered $0.5 billion in unit cost improvements through higher production volumes, better labor productivity, tighter contractor management and disciplined discretionary spending.
USAR’s Price Performance, Valuation & EstimatesShares of USAR have gained 13.2% in the past year compared with the industry’s growth of 36.2%.
Image Source: Zacks Investment Research
From a valuation standpoint, USAR is trading at a forward price-to-sales ratio of 8.2X compared with the industry’s average of 1.43X. USA Rare Earth has a Value Score of F.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for USAR’s 2026 earnings has decreased over the past 60 days.
MP Materials je dál v rozvoji než USA Rare Earth: už vyrábí magnety a má zákazníky Apple a General Motors. USA Rare Earth sází na těžké vzácné zeminy, což nabízí vyšší potenciál, ale i vyšší riziko.
It's MP Materials (MP -1.58%) versus USA Rare Earth (USAR -2.99%) in the great debate over which is the leading rare-earth company that will solve the problem of securing a domestic supply. The two companies have key differences, which means they will work differently in your portfolio. Here's why, and a suggestion for how to invest in the sector.
The key differences between MP Materials and USA Rare Earth Both companies have received substantive backing from the U.S. government, and understandably so. China dominates the rare-earth market, and given the critical importance of rare-earth magnets to the global economy, it's a matter of national security to ensure that the U.S. defense and manufacturing sectors have access to domestically produced, non-China-sourced rare-earth magnets.
Image source: Getty Images.
According to USA Rare Earth CFO William Steele, "China dominates well in excess of 90% of the market, in fact, up to 99% of certain rare-earth going forward." China has an even more dominant position in the heavy rare-earth elements (HREE), with USA Rare Earth CEO Barbara Humpton noting on a shareholder call in April: "Dysprosium and terbium generally represent 20% of global rare-earth volume, but over 90% of the value. And critically, China today processes nearly 100% of these heavy rare-earth."
All of which leads to the key differentiator between MP Materials and USA Rare Earth. The former focuses on light rare-earth elements (LREE) such as neodymium (Nd) and praseodymium (Pr). In contrast, USA Rare Earth focuses on heavy rare-earth elements such as dysprosium (Dy) and terbium (Tb).
Premium Feature
Moneyball Superscore
51/100
Today's Change
(
-2.99
%) $
-0.48
Current Price
$
15.56
In general, LREEs are more abundant than HREEs, and the latter command much higher pricing. While China dominates both markets, it has a chokehold on the HREE market, as Humpton's comments above allude to. In addition, HREE magnets are more expensive and technically demanding to produce, and HREEs are also harder to source.
That makes USA Rare Earth arguably more strategically important than MP Materials, with greater upside potential, but it also makes it a far riskier stock in terms of operational execution.
MP Materials is more advanced in its business model USA Rare Earth is also riskier: While both companies are pursuing a mine-to-magnet strategy, MP Materials is significantly more advanced. It already produces rare-earth magnets at its Fort Worth, Texas, facility and has two foundational customers: Apple and General Motors. In addition, its LREE-rich Mountain Pass is already operational and supplying elements. Furthermore, MP Materials has already begun construction of its new "10X" facility in Northlake, Texas. The facility is a key part of the company's growth plans, and also a cornerstone of the public-private partnership with the Department of Defense.
Premium Feature
Moneyball Superscore
68/100
Today's Change
(
-1.58
%) $
-0.81
Current Price
$
50.51
In contrast, USA Rare Earth entered magnet production in the second quarter of this year, with its first magnet sales expected by year-end. As for the "mine" part of the mine-to-magnet strategy, the company has secured a 100% ownership interest in the HREE-rich Round Top deposit in Texas. It is targeting commercial operations in late 2028.
The risks are reflected in valuations In a nutshell, USA Rare Earth is a higher-risk, higher-return proposition than MP Materials, and that's reflected in the valuations implied by Wall Street analysts' estimates for the stocks. As you can see below, the additional risk at USA Rare Earth is reflected in its significantly lower valuation based on analyst consensus.
Forward Price-to-Earnings Ratio
2026
2027
2028
2029
2030
MP Materials
N/A
65.8
42.6
31.4
23
USA Rare Earth
N/A
N/A
48.4
26.6
7.1
Data source: Visible Alpha Wall Street Consensus.
Note that these valuations project a lot into the future and assume both companies execute on their growth plans.
The answer to the question in the headline is "no." However, that's not because MP Materials is a noticeably better investment than USA Rare Earth. Instead, it's a significantly different investment proposition that will suit more conservative investors. At the same time, USA Rare Earth offers greater upside potential to offset the significantly higher risk of ramping up HREE magnet production, commissioning Round Top, and developing customer relationships.
If forced to choose, I think USA Rare Earth is better on a risk/reward basis, but the best strategy for rare-earth bulls may well be to buy both in a diversified portfolio.
Akcie amerických firem s vzácnými zeminami ve čtvrtek klesají, protože oteplení vztahů mezi Washingtonem a Pekingem oslabuje jejich prémii za nedostatek. USA Rare Earth odepsala 4 %, MP Materials 5 % a Critical Metals 2 %.
Diplomatic warming between Washington and Beijing is quietly dismantling the trade thesis that sent domestic rare earth stocks surging this year, and the sector is now caught between a groundbreaking billion-dollar factory and a potential summit that could make it…
Domestic rare earth stocks are sliding Thursday midday as fresh diplomatic warming between Washington and Beijing chips away at the scarcity premium powering the trade. USA Rare Earth (NASDAQ:USAR) stock is down 4% to $16.36, and MP Materials (NYSE:MP) shares are down 5% to $51.85. Both names sit near the front of the U.S. critical-minerals theme and tend to move hard when the geopolitical setup shifts.
Meanwhile, Critical Metals Corp (NASDAQ:CRML) stock is falling 2% to $6.90. The selling is sector-wide rather than company-specific, and it lines up with reporting that a U.S.-China leaders’ summit could land in Washington later this month. No fresh company disclosure landed from any of the three names today.
For sector context, the VanEck Rare Earth and Strategic Metals ETF (NYSEARCA:REMX) is down 5%, a steeper drop than either of its large-cap U.S. constituents. The SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is off 0.57%, so today’s action reads as a targeted repricing of the theme rather than a broad risk-off session. Sector selling this concentrated typically points at a macro trigger rather than fundamentals.
Thaw Hopes Undercut the Scarcity Trade President Donald Trump and Chinese leader Xi Jinping are expected to meet in Washington later this month in an effort to stabilize the relationship and extend a truce agreed last year. Beijing hasn’t confirmed the meeting, and reporting on the truce describes it as fragile and capable of breaking before the two leaders sit down. Even a partial arrangement over export controls would soften the urgency behind the domestic supply-chain build-out.
Domestic developers price on scarcity created by Chinese control of the supply chain. Any sign that the two capitals are moving toward a durable arrangement removes part of the reason to pay a premium for a Western substitute. That turns summit progress into a headwind for these shares, opposite the usual read on diplomatic good news.
USA Rare Earth’s Milestone Meets a Tough Session USA Rare Earth broke ground Wednesday on a rare earth metal and permanent magnet manufacturing facility in Blacksburg, South Carolina, an approximately $1.2 billion investment that complements the company’s existing magnet operation in Stillwater, Oklahoma. Commissioning at the plant is targeted to begin in 2028, which places first output years into the future, according to USA Rare Earth. The build fits the company’s stated aim of an integrated domestic value chain from mining through metal-making to magnets.
CEO Barbara Humpton stated the moment matters because it moves the company’s vision from plans on paper to infrastructure taking shape. The groundbreaking converts a plan into a large spending commitment at a company whose own risk disclosures cite China export control designation and access to capital as material concerns. USA Rare Earth stock is still up 38% year to date (YTD), so a same-day fade doesn’t erase the gain earned earlier in the year.
MP Materials operates the Mountain Pass mine and an Independence magnet facility in Fort Worth, and delivered Q2 2026 revenue of $108.5 million, up 89% year over year (YoY), with NdPr oxide and metal sales climbing sharply. That growth trajectory offers little cover when the whole theme is repricing on a diplomatic headline. MP Materials stock is down 17% over the past year and now sits well below the $75.38 average sell-side target.
Critical Metals is a pre-revenue developer with a Tanbreez rare earths project in Greenland and a Wolfsberg lithium project in Austria, and it carries a going-concern flag from its auditors. Critical Metals stock tracks the theme closely, which is why it’s slipping even without company-specific news. The story rests on positioning as a European critical-minerals independence play, which is exactly the trade a U.S.-China thaw softens.
What to Watch The next catalyst is confirmation from Beijing that the Washington meeting is on and any framework that extends the current truce. A confirmed summit could keep pressure on scarcity-premium names, and a public breakdown could reintroduce the premium quickly. Either outcome is possible within the next few weeks.
The REMX ETF carries meaningful positions in both Chinese producers and Western developers, including a 6% weight in MP Materials alongside major mainland names. That mix explains why the ETF is falling harder than either individual U.S. name today. The fund’s dual exposure makes it the most direct sector proxy on days like this one.
Investors weighing their exposure across USAR, MP and CRML may want to keep an eye on whether the REMX ETF holds its recent range, since the fund is a cleaner read on the theme than any single ticker. Cautious position sizing of one’s exposure fits an unusually headline-driven trade.
Contact [email protected] for any questions or corrections.
USA Rare Earth zahájila výstavbu závodu na zpracování vzácných zemin a výrobu magnetů v Blacksburgu v Jižní Karolíně za zhruba 1,2 miliardy USD. Projekt má vytvořit asi 490 pracovních míst a od roku 2028 mířit na kapacitu 6 400 metrických tun magnetů ročně.
Approximately $1.2 billion investment expected to create about 490 high-skill, high-wage manufacturing jobs in South Carolina’s UpstateBlacksburg facility will serve as a cornerstone of USA Rare Earth’s domestic magnet manufacturing footprint and advance the Company’s integrated mine-to-magnet value chainInvestment strengthens U.S. capacity to produce critical rare earth metals and magnets for defense, aerospace, semiconductors, energy and other advanced industries BLACKSBURG, S.C., Sept. 09, 2026 (GLOBE NEWSWIRE) -- USA Rare Earth, Inc. (Nasdaq: USAR) (“USA Rare Earth,” “USAR” or the “Company”), a rare earth, critical minerals and advanced materials company, today broke ground on its new rare earth metal and magnet manufacturing facility in Blacksburg, South Carolina, marking a major step in the Company’s effort to build a secure, integrated rare earth supply chain for the United States and its allies.
Located on a 124-acre site in Bailey Industrial Park in Cherokee County, the approximately 800,000-square-foot facility represents an approximately $1.2 billion investment and is expected to create roughly 490 high-skill, high-wage manufacturing jobs in South Carolina’s Upstate. Once online, the facility is targeting production capacity of 6,400 metric tons per annum (tpa) of sintered neodymium-iron-boron (NdFeB) permanent magnets and 5,000 tpa of strip-cast metal and alloy, with commissioning targeted to begin in 2028.
“Breaking ground in Blacksburg is an important moment because it moves our vision from plans on paper to infrastructure taking shape,” said Barbara Humpton, Chief Executive Officer of USA Rare Earth. “We’re building the capabilities America needs to make critical rare earth materials and magnets at home, while making a long-term investment in the people and communities that will help us do it. We’re proud that the next chapter of USA Rare Earth’s growth is being built here in South Carolina.”
Investing in South Carolina and the Upstate
USA Rare Earth selected Blacksburg following a comprehensive evaluation of nearly 275 potential sites across the country. South Carolina stood out for its skilled advanced manufacturing workforce, reliable power, transportation infrastructure, proximity to customers and suppliers, and strong support from state and local partners. Located along the Interstate 85 corridor, the operation will add to an advanced manufacturing ecosystem that has made the Upstate an important center of American industrial production.
As part of its broader commitment to Cherokee County and the region’s growing manufacturing economy, USA Rare Earth today also announced a $250,000 contribution to Spartanburg Community College to support its new SPARK Center in Cherokee County. The new center will connect education, workforce development and economic development, providing resources to support businesses locating, launching and growing in the county while helping strengthen the local talent pipeline and broader business ecosystem.
“This Blacksburg community has the infrastructure, talent and manufacturing heritage to support what we’re building, but just as important has been the commitment we’ve seen from people across Blacksburg, Cherokee County and South Carolina,” said David Bushi, Senior Vice President of Manufacturing at USA Rare Earth. “We intend to build something here that creates opportunity locally and strengthens American manufacturing for decades to come.”
“South Carolina’s greatest strength has always been our people and their ability to build things the world depends on,” said South Carolina Governor Henry McMaster. “USA Rare Earth’s decision to put down roots in Blacksburg is another tremendous vote of confidence in our workforce and in the manufacturing future of our state. Today, we celebrate the start of a project that will create new opportunities for families across Cherokee County and the Upstate while helping America rebuild a critical industry here at home.”
Building a Secure, Integrated Rare Earth Supply Chain
The groundbreaking also marks an important milestone in USA Rare Earth’s broader strategy to build and grow a secure, globally integrated rare earth value chain that reduces reliance on concentrated sources of supply. Rare earth metals and permanent magnets are essential inputs across defense, aerospace, semiconductor manufacturing, physical AI, mobility, energy, healthcare and other advanced industries. Yet the United States remains heavily dependent on foreign sources for many of these critical materials and manufacturing capabilities, with China dominating significant portions of the global rare earth supply chain.
USA Rare Earth is working to change that by building capabilities across the full value chain — from mining and processing to separation, metal- and alloy-making and permanent magnet manufacturing.
The Blacksburg facility will complement USA Rare Earth’s existing magnet manufacturing operation in Stillwater, Oklahoma, where the Company commissioned its first commercial production line earlier this year. Together, Blacksburg and the planned expansion at Stillwater are expected to provide USA Rare Earth with 10,000 tpa of domestic NdFeB magnet manufacturing capacity. The Company is also investing in and expanding capabilities across its broader global platform, supporting local production and economic development while connecting critical rare earth resources with advanced manufacturing markets globally.
“A secure rare earth supply chain isn’t built with a single mine or a single factory. It requires rebuilding every link,” said Gregory Bowman, Chief Global Policy Officer of USA Rare Earth. “Blacksburg adds critical manufacturing capacity to that broader platform and brings the United States closer to producing more of the materials and magnets our industries depend on outside of Chinese control. What starts with a groundbreaking here in South Carolina ultimately strengthens America’s industrial and national security.”
Partnership Turning Vision Into Reality
USA Rare Earth is working with a team of construction, development, engineering and technology partners to bring the Blacksburg facility online.
Clark Construction Group and Frampton Construction are serving as design-builder through the Clark/Frampton joint venture, with Trammell Crow Company serving as developer. McMillan Pazdan Smith is serving as project architect in collaboration with Bennett & Pless, Thomas & Hutton and Salas O’Brien. Chang Robotics is bringing expertise in advanced manufacturing, automation and robotics.
“Large-scale manufacturing investments succeed when ambition is matched by disciplined execution,” said Spencer Middleton, vice president with Clark Construction. “Our focus is on translating the significance of this project into a construction effort that is equally rigorous, bringing the right people, resources, and planning together to deliver for USA Rare Earth and South Carolina.”
“Projects of this scale demand a different level of alignment from the start,” said Dave Florence, chief strategy officer at Frampton Construction. “The decisions made early, the trust established across the team, and the ability to solve problems together all shape what happens in the field. We’re proud to help deliver an investment that will expand advanced manufacturing in South Carolina and strengthen domestic production for years to come.”
About USA Rare Earth
USA Rare Earth, Inc. (Nasdaq: USAR) is building a fully integrated rare earth and permanent magnet value chain across the United States, Brazil and the United Kingdom. Through its ownership of Less Common Metals (LCM), one of the world’s leading producers of rare earth metals and alloys, its development of magnet manufacturing capacity in Stillwater, Oklahoma, the Pela Ema mine in Brazil and the Round Top deposit in Texas, USA Rare Earth operates across the entire value chain from mining to metal-making, alloy production and neodymium magnet manufacturing. USA Rare Earth is establishing a secure, Western-aligned supply of materials essential to the aerospace and defense, semiconductor, energy, data center, physical AI, mobility, healthcare and industrial sectors. For more information, visit www.usare.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include those relating to the expected capital investment, job creation, production capacity and commissioning timeline of the planned rare earth metal and magnet manufacturing facility in Blacksburg, South Carolina, anticipated development of Spartanburg Community College’s new SPARK Center, the potential impact of the Blacksburg facility on domestic magnet manufacturing and the rare earth value chain and other statements regarding the Company’s expectations for future development, operations, strategies, transactions and financial performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as “aim,” “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “growth,” “intend,” “may,” “might,” “plan,” “potential,” “project,” “propose,” “should,” “target,” “vision,” “will,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
Forward-looking statements are subject to risks and uncertainties and potentially inaccurate assumptions that could cause actual results to differ materially from our expectations, including without limitation: risks associated with permitting, construction, workforce availability, the ability of our planned Blacksburg facility to commence commercial operations on the timing and with the production capacity anticipated or at all; risks that we may experience delays, unforeseen expenses, increased capital costs, and other complications while developing our projects; our ability to raise necessary capital on acceptable terms or at all; the availability of rare earth oxide, metal feedstock and other materials, utilities (including power and water) and equipment in quantities and prices that allow us to develop and commercially operate our Stillwater facility and other facilities; our ability to meet individual customer specifications and produce a consistently high quality product; potential supply chain, logistics or product delivery disruptions; any delays in obtaining or renewing permits and licenses; fluctuations in demand for and prices of neo magnets, rare earth elements and our other products, including without limitation as a result of dumping, predatory pricing and other tactics by our competitors or state actors or the overall competitive environment; risks that we may not realize the anticipated benefits of USA Rare Earth’s combination with Serra Verde or our proposed and prior acquisitions, including expected synergies, financial performance, estimated earnings before interest, taxes, depreciation and amortization and, in the case of Serra Verde, integration of operations, on the anticipated timeline or at all; potential delays in the optimization and commissioning program and the Phase II expansion at the Pela Ema facility; political, economic, regulatory, tax, currency and other risks associated with Serra Verde’s operations in Brazil and Switzerland; physical climate risks related to the Pela Ema mine; the assumption of substantial indebtedness under Serra Verde’s Retained Finance Agreement, which contains restrictive covenants and other requirements that could adversely affect the combined company’s financial flexibility and operations; risks that the Offtake Agreement is terminated or ceases to be in full force and effect or that the counterparty to the Offtake Agreement is insufficiently capitalized, including as a result of a failure to finalize definitive debt financing arrangements within the timeframes contemplated by the Offtake Agreement; risks that the proposed transaction with Carester SAS may not be consummated on its anticipated timeline or at all; the ability of our Stillwater magnet manufacturing facility to generate revenue; our limited operating history; our ability to commercially extract minerals from the Round Top deposit on our anticipated timeline or at all; differences between planned and actual recovery and yield rates; potential dilution to existing stockholders and adverse effect on our stock price if we issue additional common stock or equity-linked securities; the volatility of our stock price; any changes in royalty rates or the imposition of new royalties; risks associated with community relations; our ability to achieve positive cash flow or profitability or the ability to access cash flow within our corporate structure due to restrictions contained in our financing agreements; our ability to convert current commercial discussions and/or memorandums of understanding with customers for the sale of our neo magnets and other products into definitive orders; our dependence, in part, on the growth of existing and emerging uses for neo magnets; the risk that additional manufacturing, refining and mining competitors could result in a reduction in revenue; geopolitical developments or disruptions, such as changes in the political environment, export/import or environmental policy of the People’s Republic of China, the United States or other countries in which we operate or sell products or otherwise; our designation on an export control list by China which has had and is expected to continue to have an adverse impact on our ability to source key raw materials and supplies from China; war, terrorism, natural disasters or public health emergencies; our ability to retain or recruit key personnel; environmental, health and safety regulations; the receipt of funding from the U.S. Department of Commerce is subject to the achievement of milestones which may not be achieved on the expected timeline or at all; and our ability to comply with requirements for federal, state and local government incentives and financing.
Additional risks and detailed information regarding factors that may cause actual results to differ materially has been and will be included in our filings with the SEC, including our most recently filed Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q and subsequent filings. Any forward-looking statements speak only as of the date of this press release (or such other date as is specified in such statements), and we undertake no obligation to update any forward-looking statements as a result of new information or future events or developments.
Investor Relations Contact
J.B. Lowe, CFA
USA Rare Earth, Inc. [email protected]
Media Relations Contact
Collected Strategies
Dan Moore / Scott Bisang [email protected]
USA Rare Earth v srpnu vzrostla o 19,2 % poté, co dokončila navýšené financování SPV v objemu 1,55 miliardy USD na podporu akvizice Serra Verde. Firma zároveň 4. září uzavřela zhruba 2,8miliardovou akvizici Serra Verde.
USA Rare Earth (USAR +0.28%) stock recorded strong double-digit gains in August. The company's share price climbed 19.2%, according to data from S&P Global Market Intelligence, in a month that played host to a 2.6% increase for the S&P 500's level and a 3.9% gain for the Nasdaq Composite.
Along with the bullish backdrop for the broader market, the company also published its second-quarter results and announced the completion of an upsized $1.55 billion capitalization of the special purpose vehicle (SPV) backed by the U.S. government to support its acquisition of Brazilian rare-earth mining specialist Serra Verde. While the company's Q2 report didn't do anything to push the stock higher, the SPV announcement did boost the stock -- and investors have gotten more good news in September.
Image source: Getty Images.
USA Rare Earth's Q2 report wasn't exciting USA Rare Earth published its Q2 results on Aug. 10, and the report didn't arrive with much for investors to get excited about. The company reported a non-GAAP (adjusted) loss of $0.15 per share on sales of $5.82 million in the period. The performance fell short of the average Wall Street targets, which called for an adjusted loss of $0.13 on sales of roughly $6.5 million.
USA Rare Earth is still in a relatively early stage of ramping its business, so the sales and earnings misses in Q2 didn't look particularly significant. On the other hand, the company didn't deliver the kinds of scaling updates that investors were looking for -- and the stock lost ground following the earnings release. The good news was that investors didn't have to wait long for positive developments.
Premium Feature
Moneyball Superscore
51/100
Today's Change
(
0.28
%) $
0.05
Current Price
$
17.66
The Serra Verde deal looks to be transformative On Aug. 24, USA Rare Earth published a press release announcing the finalization of its SPV deal with the U.S. Department of War to support its acquisition of Serra Verde. Through the arrangement, the Department of War agreed to provide a direct $750 million investment in the SPV, the facilitation of a $500 million debt facility from a tier-1 institutional bank, and a five-year purchasing contract worth at least $300 million. In short, the deal helped secure both financial support and a rare earth mineral purchasing contract from the U.S. government contingent on the finalization of the Serra Verde acquisition.
USA Rare Earth then published a press release on Sept. 4 announcing that it had completed its roughly $2.8 billion acquisition of Serra Verde. When USA Rare Earth announced the acquisition in April, it said that Serra Verde was expected to achieve annualized earnings before interest, taxes, depreciation, and amortization (EBITDA) by the end of 2027 and that the combined corporate entity was expected to generate roughly $1.8 billion in EBITDA by 2030. The completion of the deal has transformed USA Rare Earth's financial profile, and it positions the company to rapidly scale in the critical minerals space.
Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
USA Rare Earth zahájila v Q2 2026 komerční výrobu NdFeB magnetů ve Stillwateru, ale tržby z prodeje magnetů zatím nevykazuje. Firma měla na konci Q2 2026 zhruba 1,53 miliardy USD v hotovosti.
Key Takeaways USA Rare Earth began commercial NdFeB magnet production at its Stillwater facility in Q2 2026.USAR expanded equipment, inventories and construction assets to support production ramp-up.USA Rare Earth ended Q2 2026 with about $1.53 billion in cash to fund manufacturing expansion. USA Rare Earth, Inc. (USAR - Free Report) continues to make steady progress at the Stillwater magnet manufacturing facility in Oklahoma as it ramps up commercial production. The facility is designed to manufacture Neodymium Iron Boron (NdFeB) magnets, which are critical components for defense, aerospace, automotive, industrial and other high-growth end markets. During the second quarter of 2026, the Stillwater facility began commercial production of NdFeB magnets, although the company has not yet started generating revenues from magnet sales as production continues to ramp up.
Throughout the second quarter of 2026, USAR continued to expand the Stillwater facility by advancing building improvements, installing additional manufacturing equipment and increasing inventories to support production ramp-up. The company also continued investing in construction-in-progress assets and equipment deposits as it prepares the facility for higher production volumes.
To support its progress, USA Rare Earth maintained a strong balance sheet, ending the second quarter of 2026 with approximately $1.53 billion in cash and cash equivalents. The company continues to deploy capital toward the Stillwater facility, equipment purchases and the development of its rare earth manufacturing platform, including the planned Blacksburg refined metals facility in South Carolina.
In November 2025, USAR strengthened its vertical integration through the acquisition of Less Common Metals, a rare earth metals and alloys manufacturer in the United Kingdom. The acquisition continues to support the company’s mine-to-magnet strategy by expanding its capabilities in rare earth metals, alloys and strip-cast production for the Stillwater facility.
Snapshot of USA Rare Earth’s PeersAmong its major peers, Trilogy Metals Inc. (TMQ - Free Report) continues to make steady progress at the Ambler mining district. Although Trilogy is not yet in production, it is advancing the Upper Kobuk Mineral Projects through Ambler Metals LLC, its joint venture with South32 Limited. In August 2026, Trilogy executed definitive agreements for a roughly $35.6 million strategic equity investment by the U.S. Department of War to support exploration and development of the projects. The Arctic Project is also progressing through federal and state permitting, with a targeted Record of Decision in September 2028.
USAR’s other peer, NioCorp Developments Ltd. (NB - Free Report) , is working to move its Elk Creek Project in Nebraska closer to production. In August 2026, NioCorp completed an updated feasibility study that envisions a 40-year mine producing eight critical-mineral products, including niobium, scandium, titanium and several rare earth products. NioCorp's study estimates a pre-tax net present value of $4.1 billion, while ongoing mine-portal construction is establishing the future access point to the underground operation.
USAR’s Price Performance, Valuation & EstimatesShares of USAR have gained 48% in the year-to-date period compared with the industry’s growth of 29.5%.
Image Source: Zacks Investment Research
From a valuation standpoint, USAR is trading at a forward price-to-sales ratio of 8.67X compared with the industry’s average of 1.43X. USA Rare Earth carries a Value Score of F.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for USAR’s 2026 earnings has declined over the past 60 days.
USA Rare Earth čeká na dokončení akvizice Serra Verde, která by z ní udělala vlastníka provozovaného dolu na vzácné zeminy. Transakce by mohla být uzavřena před příští výsledkovou zprávou.
USA Rare Earth (USAR -0.45%) is quickly becoming one of America's most strategically important mining companies, at least if the economy, technology, and national security count for anything.
Why all the attention? Two words: rare earths. Indeed, rare-earth metals, as their name suggests, are a class of elements that are tough to find in economically useful deposits. They are essential to everything from smartphones and electric vehicles (EVs) to fighter jets and guided missiles, and China controls most of the world's capacity to process them.
Premium Feature
Moneyball Superscore
51/100
Today's Change
(
-0.45
%) $
-0.08
Current Price
$
17.61
USA Rare Earth is one of only a handful of American companies that control a rare-earth deposit on American soil. Its goal is to extract rare-earth elements from a deposit in Texas, process and separate them domestically, and turn them into permanent magnets for American companies out of its factory in Oklahoma.
For some time, this has been at the heart of USA Rare Earth's growth thesis; none of it is new. What is new, however, is its pending acquisition of Serra Verde, which could turn USA Rare Earth from a would-be miner with an uncertain start date into the owner of an operating rare-earth mine. That deal will likely close before its next earnings report -- expected in early November -- and could set the stage for a huge rally.
Here's what investors should know.
Image source: Getty Images.
From cash burn to cash flow For nearly all of its existence, USA Rare Earth has been all map and no territory. True, it owns Round Top Deposit, one of the largest known U.S. sources for heavy rare earths. But Round Top isn't an operational mine, and it won't become one for at least another two years.
With no functioning mine yet, and only about $13 million in trailing-12-month revenue, USA Rare Earth's annual cash burn of roughly $100 million has been a flashing warning light for investors.
Data by YCharts
This is where the Serra Verde acquisition could prove to be the best move USA Rare Earth can make. The Brazilian rare-earth mine is expected to generate between $550 million and $650 million in annualized run rate earnings before interest, taxes, depreciation, and amortization (EBITDA) by the end of 2027. Not only would that help offset USA Rare Earth's cash burn, but move it closer to positive cash flow.
Oh, but it gets better. Serra Verde has already secured a buyer for 100% of its Phase 1 production. That buyer is US SIIE, a government-backed special-purpose company established specifically to buy Serra Verde's rare-earth products. The 15-year agreement includes price floors and take-or-pay protections, which are supported by $750 million in U.S. government funding.
In simple terms, Serra Verde now has a customer obligated to buy its output at protected prices. For a mining company, it doesn't get much safer than that, at least on the demand side.
Once the acquisition closes -- shareholders have already approved it -- the protections on Serra Verde would extend to USA Rare Earth. In essence, USA Rare Earth would have an operating mine to help generate cash flow for its other projects, such as its Top Deposit and magnet factories.
At its next earnings report, USA Rare Earth could very likely, I think, announce the closing of this acquisition. Investors who buy USA Rare Earth beforehand may be glad they did.
Akcie USA Rare Earth, MP Materials a Critical Metals v předobchodní fázi rostly po zprávě, že někteří čínští dodavatelé odmítají posílat vzácné zeminy do USA. Trh znovu řeší napjaté dodávky před plánovanou návštěvou Si Ťin-pchinga ve Washingtonu 24. září.
Shares of US rare earth companies rose in premarket trading Friday after a Reuters report said some Chinese suppliers have declined to ship rare earth materials to US customers despite receiving export licenses.
The developments come weeks before Chinese President Xi Jinping is scheduled to visit Washington, putting critical mineral supply chains back in focus.
USA Rare Earth USAR gained 4.8%, MP Materials shares rose 3.9%, and Critical Metals climbed 5.9% in premarket trading.
According to the Reuters report, some Chinese suppliers have refused shipments to US customers since early August, citing concerns about potential repercussions from Beijing and the possibility that materials could ultimately reach sanctioned users.
The issue adds to ongoing concerns about access to rare earths and other critical materials.
US officials have repeatedly urged China to follow through on commitments made in Busan and Beijing to support the flow of rare earth export licenses.
A source familiar with US planning said in the report that the issue has become part of preparations for Xi's planned Sept. 24 visit to Washington.
The supply situation remains tight for several rare earths and critical materials with applications in areas including aerospace, defense and chipmaking.
While exports of many rare earths and related magnets have recovered since China introduced restrictions in April 2025, prices for some materials remain near record highs.
China maintains dominant position in supply chainChina remains the dominant force in the global rare earth industry, accounting for about 70% of mining and 90% of processing.
Export restrictions and licensing delays have continued to affect US buyers.
Some US companies have reportedly waited more than six months for mineral licenses, while several firms have recently received multiple approvals after lengthy delays.
Yttrium exports to the US have increased this year but remain around half of 2024 levels.
China shipped 27 tons of yttrium to the US in July after two months without exports, marking the second-highest monthly shipment since January 2025.
Chinese restrictions have also affected other markets.
Chinese suppliers have largely refrained from shipping rare earth materials to Japanese companies, while exports of terbium, gallium and yttrium to Japan declined sharply in the first eight months of the year.
Reva Goujon, a geopolitical strategist at Rhodium Group, told Reuters that China has used rare earth export controls as a tool to constrain the US Commerce Department's Bureau of Industry and Security.
She also expects Beijing could loosen some controls around the summit to ease US concerns over the implementation of previous agreements.
China's foreign ministry said the country remained committed to maintaining global critical mineral supply chains.
The supply concerns are strengthening the focus on US and Western rare earth producers seeking to develop alternatives to China's dominant position.
USA Rare Earth is developing a domestic supply chain that includes its Round Top project in Texas.
The company also completed its acquisition of Serra Verde Group on Thursday. Serra Verde is described as "the only scaled producer of four magnetic and other critical heavy rare earth elements outside Asia": neodymium, praseodymium, dysprosium and terbium.
MP Materials operates the Mountain Pass rare earth mine in California and stopped selling rare earth concentrate to China in July 2025.
The company is also expanding domestic processing and magnet manufacturing, including at its Independence facility in Texas.
Critical Metals is developing the Tanbreez project in Greenland as a potential Western source of rare earths, although the project has not yet entered commercial production.
The US government has also increased support for domestic supply chains.
Last month, the Trump administration finalized a $1.55 billion funding package that includes equity investment, debt support and long-term purchase commitments aimed at expanding domestic rare earth production and reducing reliance on China.
With rare earth supplies expected to feature in the upcoming Xi-Trump meeting, developments in export licensing and shipments could remain an important factor for the sector.
USA Rare Earth dokončila kombinaci se Serra Verde Group a vytvořila plně integrovanou platformu pro vzácné zeminy a permanentní magnety mimo Asii. Thras Moraitis se stává prezidentem a 1. října 2026 převezme funkci generálního ředitele.
Combines Serra Verde’s world-class upstream heavy-rare earth operation with USA Rare Earth’s processing, metallization, and magnet-making capabilities
Creates one of the only fully integrated rare earth and permanent magnet platforms outside Asia
Industry veterans Sir Mick Davis and Thras Moraitis join the USA Rare Earth Board
STILLWATER, Okla. and GOIÁS, Brazil, Sept. 04, 2026 (GLOBE NEWSWIRE) -- USA Rare Earth (Nasdaq: USAR) (“USAR”, “USA Rare Earth”, or the “Company”) today announced the completion of its combination with Serra Verde Group (“Serra Verde”) on September 3, 2026, creating a global rare earths leader and a partner of choice for the supply of advanced materials and products that underpin Western national security and technological innovation.
Serra Verde is the only scaled producer of all four magnetic and other critical heavy rare earth elements outside Asia. Its mining and processing operation in Goiás, Brazil began production in January 2024 and is currently completing an advanced-stage optimization and commissioning program, with ramp-up expected in the third quarter of 2026. The first stage of this program is expected to reach a run-rate of approximately 4,000 tons per annum (tpa) of total rare earth oxide (TREO) production by the end of 2026. Construction is underway on the second stage of the expansion, targeting average production of 6,400 tpa of TREO, with commissioning expected to begin within 12 months. Longer term, Serra Verde has the potential to double run of mine (ROM) production through a Phase 2 expansion.
Serra Verde joins USA Rare Earth’s existing and planned upstream, midstream and downstream assets in the United States, the United Kingdom and France to create a fully integrated rare earths platform positioned to deliver a reliable supply chain of vital rare earth elements and derivative products aimed at meeting commercial and public sector demand at each stage of the value chain.
Michael Blitzer, Executive Chairman of USA Rare Earth, stated: “Demand for rare earths and permanent magnets is accelerating globally due to demand from rapidly growing forward-facing technologies such as renewable energy, physical AI, semiconductors, aerospace and defense applications. At the same time, supply outside Asia remains weak as new sources, especially of heavy rare earths, take time to develop and produce. Over the past years we have assembled, built and integrated the key assets and capabilities at each step of the value chain, thereby positioning USA Rare Earth at the epicenter of that shift, building the affordable, dependable, and resilient supply chains of essential rare earth materials that underpin economic competitiveness and national security. With the Serra Verde combination complete, our focus now turns to execution, integrating operations, and moving efficiently toward steady-state and reliable supply. To this end, I’m confident we have the right team and platform to play a key role in meeting the needs of the crucial industries which depend on our products.”
Barbara Humpton, Chief Executive Officer of USA Rare Earth, stated: “Today marks a significant milestone for USA Rare Earth, and I am pleased to welcome the Serra Verde team to our platform. They are an exceptionally talented group that has built one of the most strategically important upstream operations in the critical minerals industry. Our teams have spent months preparing for this combination, and we are ready to move forward as one company with a clear focus on integration and execution. Together, we have the assets, the expertise, and the global footprint to manage the full rare earth value chain from the earth to the finished magnet and beyond, providing customers with a secure and resilient source of supply.”
As previously announced, Thras Moraitis, formerly Chief Executive Officer of Serra Verde, has been appointed President of USA Rare Earth and is joining its Board of Directors. On October 1, 2026, Barbara Humpton will retire as CEO of USA Rare Earth and Mr. Moraitis will succeed her and lead the combined company. Sir Mick Davis, Chairman of Serra Verde and former CEO of Xstrata plc, is also joining the USA Rare Earth Board.
Thras Moraitis, President of USA Rare Earth, stated: “For our team in Brazil, this combination is the culmination of a 15-year journey to build a scaled, sustainable source of the vital rare earth materials that power the technologies of the future. The combination with USA Rare Earth accelerates our ambition to ensure our heavy rare earth elements reach end-use customers in the form of advanced materials, including permanent magnets, thereby becoming an important link in an integrated supply chain. Together, we are positioned to supply critical materials that shape our society’s future by promoting the prosperity of global industries whose ambitions would otherwise be constrained by a lack of reliable supply. I look forward to delivering on that promise for our shareholders, customers, employees, governments and communities across Brazil, the United States, the UK and France.”
Advisors
Moelis & Company LLC is acting as exclusive financial advisor and Latham & Watkins LLP is acting as legal counsel for USA Rare Earth. Goldman Sachs & Co. LLC is acting as exclusive financial advisor and White & Case LLP is acting as legal counsel for Serra Verde. Allen Overy Shearman Sterling US LLP is acting as legal counsel for the shareholders of Serra Verde.
About USA Rare Earth
USA Rare Earth, Inc. (Nasdaq: USAR) is building a fully integrated rare earth and permanent magnet value chain across the United States, Brazil and the United Kingdom. Through its ownership of Less Common Metals (LCM), one of the world’s leading producers of rare earth metals and alloys, its development of magnet manufacturing capacity in Stillwater, Oklahoma, the Pela Ema mine in Brazil and the Round Top deposit in Texas, USA Rare Earth operates across the entire value chain from mining to metal-making, alloy production and neodymium magnet manufacturing. USA Rare Earth is establishing a secure, Western-aligned supply of materials essential to the aerospace and defense, semiconductor, energy, data center, physical AI, mobility, healthcare and industrial sectors.
For more information, visit www.usare.com.
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include those relating to the timing of and expected TREO production resulting from the optimization and commissioning program at the Pela Ema facility, the expected ROM production through a Phase 2 expansion at the Pela Ema facility, the expected benefits of USA Rare Earth’s combination with Serra Verde and other statements regarding the combined company’s expectations for future development, operations, strategies, transactions and financial performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as “aim,” “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “growth,” “intend,” “may,” “might,” “plan,” “potential,” “project,” “propose,” “should,” “target,” “vision,” “will,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
Forward-looking statements are subject to risks and uncertainties and potentially inaccurate assumptions that could cause actual results to differ materially from our expectations, including without limitation: risks that we may not realize the anticipated benefits of USA Rare Earth’s combination with Serra Verde or our proposed and prior acquisitions, including expected synergies, financial performance, estimated earnings before interest, taxes, depreciation and amortization and, in the case of Serra Verde, integration of operations, on the anticipated timeline or at all; potential delays in the optimization and commissioning program and the Phase II expansion at the Pela Ema facility; political, economic, regulatory, tax, currency and other risks associated with Serra Verde’s operations in Brazil and Switzerland; physical climate risks related to the Pela Ema mine; the assumption of substantial indebtedness under Serra Verde’s Retained Finance Agreement, which contains restrictive covenants and other requirements that could adversely affect the combined company’s financial flexibility and operations; risks that the Offtake Agreement is terminated or ceases to be in full force and effect or that the counterparty to the Offtake Agreement is insufficiently capitalized, including as a result of a failure to finalize definitive debt financing arrangements within the timeframes contemplated by the Offtake Agreement; risks that the proposed transaction with Carester SAS may not be consummated on its anticipated timeline or at all; the ability of our Stillwater magnet manufacturing facility to generate revenue and the ability of our planned Blacksburg facility to commence commercial operations on the timing and with the production capacity anticipated or at all; our limited operating history; our ability to commercially extract minerals from the Round Top deposit on our anticipated timeline or at all; differences between planned and actual recovery and yield rates; risks that we may experience delays, unforeseen expenses, increased capital costs, and other complications while developing our projects; our ability to raise necessary capital on acceptable terms or at all; potential dilution to existing stockholders and adverse effect on our stock price if we issue additional common stock or equity-linked securities; the volatility of our stock price; the availability of rare earth oxide, metal feedstock and other materials, utilities (including power and water) and equipment in quantities and prices that allow us to develop and commercially operate our Stillwater facility and other facilities; our ability to meet individual customer specifications and produce a consistently high quality product; potential supply chain, logistics or product delivery disruptions; any delays in obtaining or renewing permits and licenses; any changes in royalty rates or the imposition of new royalties; risks associated with community relations; fluctuations in demand for and prices of neo magnets, rare earth elements and our other products, including without limitation as a result of dumping, predatory pricing and other tactics by our competitors or state actors or the overall competitive environment; our ability to achieve positive cash flow or profitability or the ability to access cash flow within our corporate structure due to restrictions contained in our financing agreements; our ability to convert current commercial discussions and/or memorandums of understanding with customers for the sale of our neo magnets and other products into definitive orders; our dependence, in part, on the growth of existing and emerging uses for neo magnets; the risk that additional manufacturing, refining and mining competitors could result in a reduction in revenue; geopolitical developments or disruptions, such as changes in the political environment, export/import or environmental policy of the People’s Republic of China, the United States or other countries in which we operate or sell products or otherwise; our designation on an export control list by China which has had and is expected to continue to have an adverse impact on our ability to source key raw materials and supplies from China; war, terrorism, natural disasters or public health emergencies; our ability to retain or recruit key personnel; environmental, health and safety regulations; the receipt of funding from the U.S. Department of Commerce is subject to the achievement of milestones which may not be achieved on the expected timeline or at all; and our ability to comply with requirements for federal, state and local government incentives and financing.
Additional risks and detailed information regarding factors that may cause actual results to differ materially has been and will be included in our filings with the SEC, including our most recently filed Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q and subsequent filings. Any forward-looking statements speak only as of the date of this press release (or such other date as is specified in such statements), and we undertake no obligation to update any forward-looking statements as a result of new information or future events or developments.
Investor Relations Contact
J.B. Lowe, CFA
VP, Head of Investor Relations [email protected]
Media Relations Contact
Collected Strategies
Dan Moore / Scott Bisang [email protected]
Aura Financial
Michael Oke/ Andy Mills [email protected]
+44 207 321 0000
USA Rare Earth uzavřela 2. čtvrtletí s hotovostí asi 1,53 miliardy USD, ale jen 5,8 milionu USD tržeb. Firma zároveň plánuje akvizici Serra Verde za zhruba 2,8 miliardy USD.
USA Rare Earth's (USAR -0.95%) goal is to become a leader in critical minerals and a leading production partner for rare-earth elements, oxides, metals, and magnets. The company went public through a merger with a special purpose acquisition company (SPAC) in 2025, and it's been raising capital by selling its stock. Notably, the mining specialist has sold a significant equity stake to the U.S. government -- with the initial deal working out to a 10% ownership position and options to exercise warrants that could bring the government's ownership position as high as 16%.
Thanks to the company's fundraising moves, USA Rare Earth closed out the second quarter with a cash position of roughly $1.53 billion. Meanwhile, the company generated just $5.8 million in revenue in the quarter. With its current market capitalization at roughly $4.4 billion, even though the business is generating very little in sales, how should investors value the company?
Image source: Getty Images.
USA Rare Earth is a speculative bet with real catalysts Rare-earth elements and the broader category of critical minerals are essential for a wide range of defense and commercial technologies, and the U.S.'s ability to source these crucial building blocks represents a potentially foundational supply chain fault line with huge economic and national security implications.
China currently dominates the global market for the extraction and processing of rare-earth elements and critical minerals, and the U.S. and its allies are heavily reliant on its exports. Meanwhile, relations between the U.S. and China have generally become more adversarial, and China has moved to restrict access to minerals as a key point of leverage against its geopolitical rivals.
Premium Feature
Moneyball Superscore
51/100
Today's Change
(
-0.95
%) $
-0.17
Current Price
$
17.82
In response to sourcing dynamics surrounding critical minerals, the U.S. is taking steps and moving quickly to increase its ability to reduce its reliance on China for important metals and elements. So while USA Rare Earth is currently generating little revenue relative to its valuation, there are good reasons to think that the business will scale rapidly.
USA Rare Earth is on track for a transformative acquisition In April, USA Rare Earth announced that it had entered into an agreement to acquire Brazilian rare-earth specialist Serra Verde for roughly $2.8 billion. The deal will see USA Rare Earth pay $300 million in cash and issue roughly 126.5 million new shares of common stock to Serra Verde -- a deal that will be hugely dilutive for shareholders but one that also looks poised to have a beneficial, transformative impact.
To facilitate the deal, the U.S. Department of Defense created a $1.55 billion special-purpose vehicle that includes $750 million in direct investment, $300 million in rare-earth element purchases, and $500 million in credit. With the acquisition's completion, USA Rare Earth projects that Serra Verde alone is on track to reach an annualized run rate for earnings before interest, taxes, depreciation, and amortization (EBITDA) between $550 million and $650 million by the end of 2027. Meanwhile, it expects that the combined company will generate roughly $1.8 billion in EBITDA in 2030. If USA Rare Earth hits that target, shares could be significantly undervalued at current prices.
USA Rare Earth oznámila dokončení navýšeného financování SPV ve výši 1,55 miliardy USD na odběr od Serra Verde. Vláda USA vloží 750 milionů USD a uzavřela pětiletý kontrakt na nejméně 300 milionů USD vzácných zemin.
U.S. Department of War (DoW) provides a $750 million investment in the SPV, reflecting a $250 million increase over original capitalization requirementsTier-1 institutional bank delivers commitment letter for $500 million Senior Debt FacilityDoW enters into forward purchase contract with the SPV for not less than $300 million of rare earth products over five yearsMerger expected to close promptly following the August 28, 2026, special meeting of USAR stockholders, subject to satisfaction of the remaining closing conditionsUpon closing of the Serra Verde acquisition, USA Rare Earth will own the only mine outside of Asia commercially producing all four magnetic rare earths, thus anchoring an integrated rare earth value chain from mine to magnet and beyond
STILLWATER, Okla., Aug. 24, 2026 (GLOBE NEWSWIRE) -- USA Rare Earth, Inc. (Nasdaq: USAR) (“USAR,” “USA Rare Earth,” or the “Company”) today announced the special purpose vehicle (the “SPV”) that will purchase 100% of the Phase 1 production of rare earth materials (“the Offtake Agreement”) produced by Serra Verde Group (“Serra Verde”) has completed its capitalization arrangements.
Pursuant to the capitalization transaction, totaling an upsized $1.55 billion in funding:
The Department of War has committed to a $750 million investment in the SPV - $250 million more than the $500 million originally contemplated under the Offtake Agreement. The agreement, which has both a take-or-pay arrangement and floor prices, is vital to support the development of an integrated rare earth value chain.The SPV has secured a commitment letter from a Tier-1 institutional bank for a senior secured borrowing-base revolving credit facility (the “Senior Debt Facility”) in an aggregate principal amount of up to $500 million, subject to certain conditions precedent set forth therein. The Senior Debt Facility is intended to fund working capital for the SPV’s purchases of rare earth products from SV Management Switzerland.The U.S. government has entered into a forward purchase contract with the SPV for the purchase of not less than $300 million of rare earth payable products over five years.
USA Rare Earth announced a definitive agreement to acquire Serra Verde on April 20, 2026. On the same day, Serra Verde announced it entered into a 15-year offtake agreement to supply the SPV capitalized by various U.S. Government agencies, as well as private capital sources for 100% of its Phase I production with guaranteed price floors for its magnetic rare earths, including the industry’s first and only price floors for heavy rare earths dysprosium and terbium. The capitalization satisfies one of the closing conditions for USAR’s proposed merger with Serra Verde. Additional information regarding the Offtake Agreement, the Offtake Amendment and the capitalization of the SPV is contained in USAR’s Current Report on Form 8-K filed with the SEC.
“We appreciate the strategic support and upsized funding commitment of the U.S. government and are proud to continue our strong partnership to build a secure and resilient rare earth supply chain,” said Michael Blitzer, Executive Chairman of USA Rare Earth. “With more than $1 billion already invested, Serra Verde is one of the world’s most advanced rare earth projects and the only commercial producer of all four magnetic rare earths outside Asia. Serra Verde can now begin supplying these critical materials into the U.S. market and is positioned to be the first to deliver all four into Western supply chains at scale. With the SPV capitalized, we expect to close the Serra Verde acquisition in the coming days, providing access to advanced processing technologies and integrating a foundational asset into USA Rare Earth’s mine-to-magnet platform.”
Following close, USA Rare Earth will own the Pela Ema mine in Goiás, Brazil, the only ionic clay rare earth mine in commercial production outside of Asia and will operate an integrated rare earth value chain from mine to magnet across the United States, the United Kingdom and Brazil. Rare earth magnets are the building blocks of the technologies powering today’s economy, from mobility and electrification to robotics and data centers, to the aerospace and defense platforms that safeguard national security, to the energy and medical technologies improving lives around the world. The transaction will also give Serra Verde access to emergent rare earth processing technologies, deepening the integration of the two companies’ combined value chain. To date, more than $1 billion has been invested in Serra Verde.
In connection with the transactions contemplated by the Merger Agreement, on July 24, 2026, USAR filed a Proxy Statement with the SEC for its special meeting of stockholders to be held on August 28, 2026 at 10:00 a.m. Eastern Time to consider certain proposals related to the merger as further described in the Proxy Statement. The Company expects the transaction to close promptly following the special meeting and the satisfaction or waiver of the remaining closing conditions.
About USA Rare Earth, Inc.
USA Rare Earth, Inc. (Nasdaq: USAR) is building a fully integrated rare earth and permanent magnet value chain across the United States and the United Kingdom, with planned expansion in France and Brazil. Through its ownership of Less Common Metals (LCM), one of the world’s leading producers of rare earth metals and alloys, its development of magnet manufacturing capacity in Stillwater, Oklahoma, the Pela Ema mine in Brazil (subject to closing the Serra Verde transaction) and the Round Top deposit in Texas, USA Rare Earth operates across the entire value chain from mining to metal-making, alloy production and neodymium magnet manufacturing. USA Rare Earth is establishing a secure, Western-aligned supply of materials essential to the aerospace and defense, semiconductor, energy, data center, physical AI, mobility, healthcare and industrial sectors. For more information, visit www.usare.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include those relating to the Offtake Amendment, the proposed acquisition of Serra Verde, the satisfaction of the remaining conditions to the completion of the merger, the capitalization of the SPV and the U.S. government financial support therefor, the documentation, closing and funding of the Senior Debt Facility and the continued effectiveness of the Offtake Agreement. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as “aim,” “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “growth,” “intend,” “may,” “might,” “plan,” “potential,” “project,” “propose,” “should,” “target,” “vision,” “will,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
Forward-looking statements are subject to risks and uncertainties and potentially inaccurate assumptions that could cause actual results to differ materially from our expectations, including without limitation: risks that the merger may not be consummated on its anticipated timeline or at all, including as a result of the failure to obtain the USAR stockholder approval or to satisfy the other conditions to closing; risks that the proposed transaction with Carester SAS may not be consummated on its anticipated timeline or at all; risks that the Senior Debt Facility is not documented, closed or funded, in whole or in part, and that the SPV is otherwise inadequately capitalized and unable to perform its obligations under the Offtake Agreement; risks that the forward purchase contracts between the U.S. government and the SPV may not result in purchases at the levels or on the timeline currently anticipated; risks that the U.S. government financial support described herein may be reduced, delayed or withdrawn as a result of changes in government policy, budgetary constraints or political developments; risks that the remaining conditions precedent under the Offtake Agreement are not satisfied or waived by the applicable long-stop date, or that the Offtake Agreement is terminated or ceases to be in full force and effect; risks that, because the requirement with respect to the Senior Debt Facility under the Offtake Agreement, as revised by the Offtake Amendment, may be satisfied by entry into a commitment letter rather than by a funded facility, USAR and Middlebury Merger Sub Ltd., an indirect, wholly owned subsidiary of USAR (“Merger Sub”), become obligated to complete the merger notwithstanding the absence of funded debt financing at the SPV; risks that we may not realize the anticipated benefits of the merger or our proposed and prior acquisitions, including expected synergies, financial performance, estimated earnings before interest, taxes, depreciation and amortization and, in the case of Serra Verde, integration of operations, on the anticipated timeline or at all; political, economic, regulatory, tax, currency and other risks associated with Serra Verde’s operations in Brazil and Switzerland following the consummation of the Serra Verde acquisition; the assumption of substantial indebtedness under Serra Verde’s Retained Finance Agreement, which contains restrictive covenants and other requirements that could adversely affect the combined company’s financial flexibility and operations; the risk that the planned CEO transition is contingent on the timely closing of the Serra Verde acquisition and that any delay or failure of this acquisition to close could result in leadership uncertainty and may require the board of directors of USAR to identify an alternative CEO successor; the ability of our Stillwater magnet manufacturing facility to generate revenue and the ability of our planned Blacksburg facility to commence commercial operations on the timing and with the production capacity anticipated or at all; our limited operating history; our ability to commercially extract minerals from the Round Top deposit on our anticipated timeline or at all; risks that we may experience delays, unforeseen expenses, increased capital costs, and other complications while developing our projects; our ability to raise necessary capital on acceptable terms or at all; potential dilution to existing stockholders and adverse effect on our stock price if we issue additional common stock or equity-linked securities; the volatility of our stock price; the availability of rare earth oxide, metal feedstock and other materials, utilities (including power and water) and equipment in quantities and prices that allow us to develop and commercially operate our Stillwater facility and other facilities; our ability to meet individual customer specifications and produce a consistently high quality product; fluctuations in demand for and prices of neo magnets and our other products, including without limitation as a result of dumping, predatory pricing and other tactics by our competitors or state actors or the overall competitive environment; our ability to achieve positive cash flow or profitability or the ability to access cash flow within our corporate structure due to restrictions contained in our financing agreements; our ability to convert current commercial discussions and/or memorandums of understanding with customers for the sale of our neo magnets and other products into definitive orders; our dependence, in part, on the growth of existing and emerging uses for neo magnets; the risk that additional manufacturing, refining and mining competitors could result in a reduction in revenue; geopolitical developments or disruptions, such as changes in the political environment, export/import or environmental policy of the People’s Republic of China, the United States or other countries in which we operate or sell products or otherwise; our designation on an export control list by China which has had and is expected to continue to have an adverse impact on our ability to source key raw materials and supplies from China; war, terrorism, natural disasters or public health emergencies; our ability to retain or recruit key personnel; environmental, health and safety regulations; the receipt of funding from the U.S. Department of Commerce is subject to the achievement of milestones which may not be achieved on the expected timeline or at all; our ability to comply with requirements for federal, state and local government incentives and financing; and the other risks described in the definitive proxy statement filed on Schedule 14A on July 24, 2026 (the “Proxy Statement”) under “Risk Factors.”
Additional risks and detailed information regarding factors that may cause actual results to differ materially has been and will be included in our filings with the SEC, including our most recently filed Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q and subsequent filings. Any forward-looking statements speak only as of the date of this press release (or such other date as is specified in such statements), and we undertake no obligation to update any forward-looking statements as a result of new information or future events or developments.
Additional Information and Where to Find It
In connection with the merger, USAR filed the Proxy Statement with the SEC and first mailed the Proxy Statement to its stockholders on or about July 24, 2026, in connection with USAR’s solicitation of proxies for the vote by USAR’s stockholders with respect to the issuance of USAR common stock as merger consideration and other matters described in the Proxy Statement. Serra Verde’s shareholders approved the merger by written consent, which was delivered concurrently with the signing of the Merger Agreement, and will not receive a proxy statement or prospectus. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT AND ALL OTHER RELEVANT DOCUMENTS THAT ARE OR WILL BE FILED WITH OR FURNISHED TO THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER AND RELATED MATTERS.
Investors and security holders will be able to obtain free copies of the Proxy Statement and other documents containing important information about USAR and the merger through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with or furnished to the SEC by USAR will be available free of charge on USAR’s website at investors.usare.com or by contacting USAR’s Investor Relations department by email at [email protected].
Participants in the Solicitation
USAR and certain of its directors and executive officers and other members of its management and employees may be deemed to be participants in the solicitation of proxies in respect of the merger. Information about the directors and executive officers of USAR, including a description of their direct or indirect interests, by security holdings or otherwise, is contained in the Proxy Statement. Any changes in the holdings of USAR’s securities by USAR’s directors or executive officers from the amounts described in the Proxy Statement will be reflected in Statements of Changes in Beneficial Ownership on Form 4 or Annual Statements of Changes in Beneficial Ownership of Securities on Form 5 subsequently filed with the SEC and available at the SEC’s website at www.sec.gov.
No Offer or Solicitation
This communication is for informational purposes only and is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval on the merger or otherwise, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or pursuant to an applicable exemption therefrom.
Investor Contact
JB Lowe
Vice President, Investor Relations
USA Rare Earth, Inc. [email protected]
USA Rare Earth spustila první fázi komerční linky na výrobu magnetů ve Stillwateru a začíná plnit objednávky zákazníků. Trh ji teď bude hodnotit podle výroby, poptávky a růstu tržeb.
For the past several years, USA Rare Earth (USAR -4.77%) has focused on financing projects, building manufacturing capacity, and assembling a domestic rare-earth supply chain. Those investments are finally beginning to produce commercial products, which means the market can now evaluate the company based on production, customer demand, and revenue growth rather than construction milestones.
USA Rare Earth recently commissioned the first phase of its commercial magnet production line at its facility in Stillwater, Oklahoma, enabling the company to begin fulfilling customer orders for its permanent magnets. Management says the facility represents the first new large-scale U.S. rare-earth magnet manufacturing plant in decades. Those magnets, by the way, are used in electric vehicles, robotics, aerospace, defense systems, and AI-related infrastructure. These are all industries that will be in high demand for the foreseeable future.
Here's what this could all mean for USA Rare Earth and the stock going forward.
Moving beyond the mine When it comes to rare-earth companies, mining alone captures only a portion of the industry's economics. In fact, the higher-value opportunity actually lies in processing rare-earth oxides and manufacturing permanent magnets. China still dominates much of that supply chain, making domestic production a strategic priority for both governments and manufacturers. USA Rare Earth is trying to build that entire value chain.
Image source: Getty Images.
In addition to its Oklahoma magnet facility, the company continues advancing development of its Round Top rare-earth project in Texas while expanding processing capabilities through strategic investments, including its recently completed investment in French rare-earth processor Carester. That partnership gives USA Rare Earth additional access to separation capacity while strengthening its position in the global supply chain.
The company also remains well-capitalized, with a balance sheet providing a decent amount of flexibility. USA Rare Earth ended the second quarter with approximately $1.53 billion in cash and cash equivalents. During the quarter, the company also finalized agreements with the U.S. Department of Commerce for access to up to $1.6 billion in CHIPS Act funding.
Management says that this capital will support the continued ramp-up of its Stillwater magnet facility, construction of a new magnet and metals manufacturing operation in South Carolina, and ongoing development of the Round Top rare-earth project.
Today's Change
(
-4.77
%) $
-0.95
Current Price
$
19.05
Of course, that doesn't mean the hard part is over. Commercial manufacturing is very different from building a facility. We now need to see consistent production volumes, customer wins, and growing revenue, rather than simply new construction announcements.
What will drive the stock Demand does appear to be working in the company's favor. Electric vehicles, humanoid robots, wind turbines, military equipment, and AI data centers all rely on high-performance permanent magnets. At the same time, the U.S. and Europe continue investing billions of dollars to reduce dependence on China's rare-earth supply chain. That creates a favorable backdrop for companies capable of producing magnets outside China.
Until recently, buying USA Rare Earth largely meant betting that management could finance and build a domestic rare-earth business. Now the focus shifts to whether the company can successfully manufacture, deliver, and scale commercial production. That's a much more measurable business.
The stock will almost certainly remain volatile as production ramps. But each commercial shipment, customer agreement, and increase in manufacturing output provides another data point you can use to evaluate execution. After years spent building the business, USA Rare Earth is finally entering the phase where results, not construction updates, are likely to drive the stock.
USA Rare Earth uvedla, že zákazníci stále častěji platí prémii za bezpečné dodávky vzácných zemin mimo Čínu. Západní ceny oxidu dysprosia letos vzrostly o více než 90 % a jsou více než devětkrát vyšší než v Číně.
The U.S. is making progress toward breaking China’s dominance of the rare-earth supply chain. But there is a catch: non-China rare earths are already dramatically more expensive, meaning Western companies may have to pay a premium to reduce their dependence on Beijing.
That is the emerging reality described by USA Rare Earth, Inc. (NASDAQ:USAR) CEO Barbara Humpton on the company’s second-quarter earnings call. She said companies are increasingly prioritizing supply security over price as China’s control of critical minerals becomes a bigger geopolitical risk.
"For decades, price governed this industry because availability was assumed," Humpton said. "Availability, or lack thereof, is what governs the rare earth industry now."
That shift is creating what Humpton called a "two-tier market": a China tier and a non-China tier, with the two markets pricing and contracting differently.
The China-Free Premium Is Already HugeThe price difference is striking.
Western prices for dysprosium oxide have risen more than 90% in 2026, reaching nearly $2,000 per kilogram in August, according to Benchmark Minerals Intelligence data cited by USA Rare Earth. That is more than nine times the price in China, Humpton said.
The gap is even wider for yttrium oxide. Humpton said its Western price has climbed more than 60% since March and is now more than 200 times China’s price.
Those numbers illustrate the cost of rebuilding a supply chain that has become heavily concentrated in China. Rare earths are used in products ranging from electric motors and robotics to aircraft, semiconductors and defense systems, making reliable supply strategically important.
Companies Are Willing to Pay for SecurityThe striking part is that customers appear increasingly willing to accept that premium.
"More and more customers are no longer asking whether they need a non-China supply, but are now asking how quickly we can deliver one," Humpton said.
USA Rare Earth said it has engaged more than 30 potential customers for non-magnetic rare-earth products from its Round Top project, while its magnet business has more than 100 potential customers in its commercial pipeline. The company has also secured MOUs and letters of intent covering 2,500 metric tons.
That demand is giving Western suppliers an unusual pricing opportunity. CFO Rob Steele said USA Rare Earth has already raised prices on its products and expects the impact to show up in upcoming quarters.
Read Next
The US Is Paying for IndependenceThe challenge is that building a China-free supply chain takes more than opening a mine. USA Rare Earth is pursuing an integrated operation spanning mining, processing, metals, alloys and magnets, while developing domestic capacity and acquiring assets in Brazil and Europe.
The company expects Round Top to reach commercial operations in late 2028, with 10,000 tons of U.S. metal, alloy and magnet manufacturing capacity targeted by 2029.
For investors, that creates a powerful trade-off: the West may be gaining supply-chain independence from China, but it isn’t getting it at China’s price.
And for manufacturers, that premium could become part of the cost of doing business in a less China-dependent economy.
Read Next
Shutterstock
Market News and Data brought to you by Benzinga APIs
USA Rare Earth oznámila za 2. čtvrtletí výnosy asi 6 milionů USD a čistou ztrátu 10,3 milionu USD. Hlasování akcionářů o akvizici Serra Verde je naplánováno na 28. srpna.
3 Rare-Earth ETFs That Help Investors Balance Exposure and RiskUSA Rare Earth NASDAQ: USAR reported second-quarter revenue of approximately $6 million, generated by third-party sales from its Less Common Metals metal and alloy-making business, while outlining progress on its mine-to-magnet supply chain strategy outside China.
The company reported a net loss attributable to common stockholders of $10.3 million, or $0.05 per share. The result included a non-cash fair-value adjustment of about $22.4 million related to warrant and earnout liabilities. Excluding that adjustment, adjusted net loss was $33.5 million, or $0.15 per share.
Get USA Rare Earth alerts:
USA Rare Earth Just Moved Closer to Commercial RealityChief Financial Officer Rob Steele said gross margins were affected by higher raw-material input costs amid supply constraints, particularly for heavy rare earths. The company is pursuing alternative supply sources ahead of expected feedstock access from Serra Verde and Carester. Steele said USA Rare Earth has already raised prices on its products and expects the impact to become visible in upcoming quarters.
Serra Verde vote and integrated supply-chain plans Chief Executive Officer Barbara Humpton said the company is seeking to establish an integrated rare-earth platform spanning mining, processing, metal and alloy production, and magnet manufacturing. She cited Chinese export restrictions and rising Western prices for certain heavy rare earths as evidence of the need for supply chains outside China.
Critical Metals: Sizing Up This Tiny Rare-Earth Stock Making Big MovesDuring the quarter, USA Rare Earth announced its intended acquisition of Serra Verde, invested in rare-earth processor Carester, and selected Blacksburg, South Carolina, for a second U.S. metals and magnet facility. The company also signed definitive documentation with the Department of Commerce for a milestone-based capital-expenditure reimbursement program.
The Serra Verde transaction’s shareholder vote is scheduled for Aug. 28, which Steele said was the final remaining closing condition. He said there are no remaining regulatory hurdles and that the acquisition is expected to close shortly following the vote.
Serra Verde is targeting run-rate capacity of 6,400 metric tons of total rare earth oxides by the end of 2027, Steele said. Humpton said the operation’s optimization and growth project was being recommissioned and was developing toward a commercial-production restart and ramp-up on time and within budget.
USA Rare Earth ended the quarter with approximately $1.5 billion in cash and cash equivalents and recorded $66 million in capital expenditures. Steele said the company expects to seek its first Commerce Department reimbursement distribution in the coming months.
Round Top and processing developments At the company’s Round Top project, USA Rare Earth began a resource-upgrade drilling campaign involving more than 10,000 feet of core across three rigs. Early assay results were in line with expectations for resource grade and confirmed heavy rare-earth distribution above 70%, according to Steele.
The company remains on schedule to complete its definitive feasibility study by year-end and publish an S-K 1300 technical report in early 2027. Round Top is targeted to begin commercial operations in late 2028.
At its Wheat Ridge, Colorado, research and development headquarters, USA Rare Earth commissioned a hydrometallurgical facility during June. The site is operating three demonstration circuits: the Round Top flowsheet, third-party mixed rare-earth carbonate separation, and magnet-swarf recycling. The data will support the Round Top feasibility study as well as engineering for a consolidated separation plant.
Humpton said the company produced its first commercial-grade dysprosium and NdPr oxide samples from recycled magnet-manufacturing swarf in July. During the analyst question-and-answer session, Steele said swarf could represent 20% to 30% of finished magnet production and potentially account for a similar share of future raw-material supply if recycled into oxides, metals and magnets.
Magnet production and customer pipeline USA Rare Earth said its Stillwater magnet operation had grown to 140 employees and is targeting 200 employees by year-end. The company expects to have 600 metric tons of annual run-rate magnet capacity at Stillwater by year-end, followed by an additional 600 metric tons in the first quarter of the following year.
Steele said Stillwater is expected ultimately to reach 3,600 metric tons of magnet-making capacity and 5,000 metric tons of metal-making capacity. The later-stage Blacksburg facility is expected to begin operating in early 2028, with its building shell due for completion at the end of 2027. Blacksburg is planned to have 5,000 metric tons of metal-making capacity and 6,400 metric tons of magnet-making capacity.
Across its magnet business, the company is in active commercial discussions with more than 100 potential customers, including more than 20 in qualification discussions. It has secured memorandums of understanding and letters of intent representing 2,500 metric tons of annual demand from large multinational customers in aerospace and defense, industrial automation, industrial motors and automotive markets.
Steele said the company has also received production purchase orders, prototype orders for finished parts and orders for semi-finished magnet blocks. Qualification timelines vary by customer, application and product requirements, but the company expects its first magnet sales by year-end. The company did not quantify the purchase orders that have resulted from prior memorandums of understanding.
Leadership transition Humpton said the call would be her final quarterly earnings call as chief executive. Thras Moraitis is scheduled to take over as CEO on Oct. 1. Humpton said she intends to remain focused on the business through the transition.
About USA Rare Earth (NASDAQ:USAR)USA Rare Earth NASDAQ: USAR is a development-stage critical minerals company focused on advancing a fully integrated rare earth element (REE) and lithium project in the United States. Its flagship asset is the Round Top deposit in West Texas, a large, polymetallic concentration of light and heavy rare earth elements, lithium and other co-products. The company seeks to move this asset through resource delineation, pilot-scale processing and eventual commercial production to address growing domestic demand for secure REE supply chains.
In addition to exploration, USA Rare Earth is engineering an on-site separation facility that will utilize dry magnetic separation and hydrometallurgical flowsheets to produce mixed rare earth carbonates.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
Continue following MarketBeat
Add MarketBeat as your preferred source on Google to see our latest stories in your feed.
Should You Invest $1,000 in USA Rare Earth Right Now?Before you consider USA Rare Earth, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and USA Rare Earth wasn't on the list.
While USA Rare Earth currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Learn the basics of options trading and how to use them to boost returns and manage risk with this free report from MarketBeat. Click the link below to get your free copy.
USA Rare Earth ve 2. čtvrtletí vykázala tržby 5,82 milionu USD a upravenou ztrátu 15 centů na akcii, obojí pod odhady. Akcie USAR v after-hours klesly o 9,40 %.
USA Rare Earth Inc (NASDAQ:USAR) shares are moving lower in Monday’s after-hours session on the heels of the company’s second-quarter financial results.
USA Rare Earth stock is taking a hit today. Why is USAR stock dropping? USA Rare Earth Q2 Earnings HighlightsUSA Rare Earth reported second-quarter revenue of $5.82 million, missing estimates of $8.05 million, according to Benzinga Pro. The company posted a second-quarter adjusted loss of 15 cents per share, missing estimates for a loss of 13 cents per share.
“We are moving from assembling a world-class set of operations to delivering for our customers and driving value for our shareholders. The urgency in the market has never been greater, and we are among the very few companies anywhere positioned to meet it,” said Barbara Humpton, CEO of USA Rare Earth.
USA Rare Earth ended the quarter with approximately $1.53 billion in cash.
The company said it expects to complete the Round Top definitive feasibility study in the fourth quarter of 2026 and reach 600 MTPA of run-rate magnet manufacturing capacity at its Stillwater facility.
USAR Shares Slip After HoursUSAR Price Action: USA Rare Earth shares were down 9.40% in after-hours, trading at $17.25 at the time of publication on Monday, according to Benzinga Pro.
Read Next
Image: Shutterstock.com
Market News and Data brought to you by Benzinga APIs
Rare-earth elements are crucial for modern technologies, including electric vehicles, data centers, and advanced defense systems. Yet the supply chain is heavily concentrated in China, which controls 70% of global rare-earth extraction and 90% of rare-earth processing, according to research by The Motley Fool.
This reliance on a single country makes the U.S. vulnerable to supply chain disruptions, and policymakers are taking steps to boost domestic production of these critical minerals. Over the past year, several publicly traded companies have emerged to address this gap, including MP Materials (MP -1.94%), USA Rare Earth (USAR -0.23%), and TMC The Metals Company (TMC +0.55%).
These companies are leading the charge as the U.S. builds a vertically integrated "mine-to-magnet" supply chain, but each has a very different risk profile. If you're considering investing in rare-earth stocks, two of these are a buy, while one faces far more uncertainty. Here's what you need to know.
Image source: Getty Images.
The rare-earth supply push Rare-earth elements are crucial for emerging technologies, and magnet metals such as neodymium, praseodymium (NdPr), dysprosium, and terbium are key minerals used to manufacture high-powered permanent magnets. These magnets are used in electric vehicle motors, semiconductors, data center cooling systems, and military applications like fighter jets and missile guidance systems.
China has a stronghold on rare-earth elements and has used its position to tighten export controls as leverage in trade negotiations with the U.S. For this reason, the U.S. is taking drastic steps to boost its rare-earth industry, including launching a Strategic Critical Minerals Reserve, providing funding to help companies build out their mining and processing capabilities, and entering into historic partnerships that include investments in these rare-earth stocks.
These two rare-earth stocks are better buys right now When it comes to rare-earth stocks, MP Materials and USA Rare Earth look like more appealing investment options, while The Metals Company faces more regulatory risk with its deep-sea mining pursuits.
MP Materials has the most developed mining business, operating the only commercial-scale, active rare-earth mine in North America at Mountain Pass, California. The company has a first-mover advantage and was a clear choice when the U.S. government began investing in building out its domestic mine-to-magnet supply chain.
Last year, MP entered into a public-private partnership with the U.S. Department of Defense that included several unprecedented guarantees. The government established a 10-year price protection agreement (PPA) that guarantees a minimum price of $110 per kilogram for MP's neodymium-praseodymium (NdPr) product. This comes as the U.S. aims to protect MP from China's aggressive state-subsidized programs.
Today's Change
(
-1.94
%) $
-0.80
Current Price
$
40.48
As part of this, the DOD purchased $400 million in convertible preferred stock and warrants, which could represent up to 15% ownership in the rare-earth stock. In addition, the government has committed to purchasing 100% of the magnet production from MP's planned 10X facility, locking in an annual minimum earnings before interest, taxes, depreciation, and amortization (EBITDA) of $140 million.
USA Rare Earth is another company emerging as an attractive rare-earth stock thanks to government funding and huge acquisitions of established assets that diversify it away from Chinese supply chains. The company secured $1.6 billion in federal financing under the CHIPS and Science Act to boost its mine-to-magnet business, which will help pay for its $1.2 billion permanent magnet facility in South Carolina.
Today's Change
(
-0.23
%) $
-0.03
Current Price
$
14.03
Last year, USA Rare Earth acquired Less Common Metals (LCM), providing it with immediate metal-making capabilities and securing feedstock for its Oklahoma production plant. It also acquired the Serra Verde Group for $2.8 billion, giving it control of Brazil's Pela Ema mine, the only scaled producer outside Asia with all four critical magnetic rare-earth elements. This deal is expected to close in the third quarter.
TMC faces unique legal and regulatory risks TMC relies on developing commercial-scale deep-sea mining capabilities. But while the sea floor is rich in polymetallic nodules, mining the deep ocean floor has not been tested on a large scale. Not only that, but the company also faces scrutiny from environmentalists who are concerned that it could release toxins or stored carbon through sediment plumes, causing permanent damage to ocean biodiversity.
The company benefits from a Trump administration executive order designed to expedite permitting for deep-sea mining, but faces legal risk along the way. That's because the International Seabed Authority (ISA) has not yet finalized exploitation regulations, and there is heavy debate over whether the U.S. even has the authority to issue mining permits in these waters.
Today's Change
(
0.55
%) $
0.02
Current Price
$
3.61
On July 20, 2026, the Seabed Disputes Chamber of the International Tribunal for the Law of the Sea (ITLOS) issued unanimous provisional orders ordering the International Seabed Authority (ISA) to respect due process regarding TMC's subsidiaries. While this removes some regulatory uncertainty, TMC is still a highly risky stock until the ISA finishes the formal Exploitation Code and approves TMC's commercial extraction applications.
The bottom line on rare-earth stocks Rare-earth elements have come into focus in recent years, and for good reason. As the U.S. builds up its mining and processing capabilities and boosts mine-to-magnet production, MP Materials and USA Rare Earth stand ready to benefit. While TMC could benefit from this push as well, the company faces significantly more regulatory risks than the others do.
Investors should keep in mind that investing in any of these stocks carries risk, and sudden policy pivots or operational delays could trigger significant volatility. With that said, aggressive investors bullish on the rare-earth theme are better off buying MP Materials and USA Rare Earth, while avoiding (or selling) TMC until its regulatory and legal pathways become clearer.
USA Rare Earth uzavřela definitivní dohody o strategické investici do Carester a získá přibližně 13,6% podíl. Partnerství má posílit evropský řetězec vzácných zemin a přístup k produkci z Caremag v Lacq ve Francii, jehož provoz má začít ve 4. čtvrtletí 2026.
Formalizes the Strategic Investment and Commercial Framework Between the Companies Announced in April 2026
Strengthens USA Rare Earth's Midstream Rare Earth Platform in Europe and the Integrated Industrial Ecosystem Forming in Lacq, France
Carester’s Caremag Facility to Commence Operations in Q4 2026
Provides LCM Europe and USA Rare Earth Access to Carester’s Rare Earth Oxides; Gives Carester Access to USA Rare Earth Feedstock from Serra Verde and Round Top
STILLWATER, Okla., July 23, 2026 (GLOBE NEWSWIRE) -- USA Rare Earth, Inc. (Nasdaq: USAR) (the “Company”) today announced that it has entered into definitive agreements to acquire strategic minority stakes representing approximately 13.6 percent each in Carester SAS (“Carester”), a French leader in rare earth processing and separation. InfraVia, acting through its Critical Metals Fund, seeded by the French State as an anchor investor alongside private institutional capital, is acquiring a similar stake in Carester alongside USA Rare Earth.
The agreements finalize the strategic investment and commercial framework the parties announced in April 2026. In addition to targeting healthy returns, USA Rare Earth and its subsidiary Less Common Metals (“LCM”) Europe will have the ability to purchase a portion of Carester’s oxide output from its Caremag facility. USA Rare Earth will have access to Carester’s engineering capabilities and related intellectual property for separation, processing, and recycling. In turn, Carester will have access to USA Rare Earth feedstock sources, including Serra Verde and the Round Top deposit in Texas.
"Integrating Carester’s capabilities into our global platform brings additional advanced processing optionality into our integrated value chain, further supporting our mining, metal making and magnet manufacturing businesses," said Barbara Humpton, Chief Executive Officer of USA Rare Earth. "This is also a highly strategic financial investment, as Carester’s position as one of the few facilities outside of China capable of separating heavy rare earths beginning in 2027 can provide a distinct competitive advantage. We anticipate that this scarcity, coupled with accelerating demand for secure critical materials, can drive sustainable, long-term value for our shareholders."
Founded in 2019, Carester is a French specialist in rare earth processing and separation technologies, with decades of technical expertise across the value chain from raw material sourcing through high-purity rare earth oxides. Carester is currently building its Caremag magnet recycling and heavy rare earth separation facility in Lacq, France, scheduled for commissioning in late 2026 with an anticipated annual production when fully ramped of 800 tonnes per annum (tpa) of neodymium-praseodymium (NdPr) oxide, 500 tpa of dysprosium (Dy) oxide and 100 tpa of terbium (Tb) oxide. The facility’s Dy and Tb oxide production is expected to represent approximately 15% of current world production of these magnetic heavy rare earth oxides.
Proceeds will primarily fund Carester’s next phase of growth, including expansion of its rare earth processing and separation platform (Caremag), research and development, and working capital. As a condition to completion of the strategic investment, a portion of the joint investment will fund the acquisition of minority shareholders’ interest, resulting in their full exit. Funding is expected in the third quarter of 2026, subject to remaining customary conditions.
The investment is part of a broader partnership between USA Rare Earth, LCM Europe, and Carester to build an integrated rare earth industrial platform in Lacq, France, spanning processing, separation, metal and alloy production, and potentially magnet manufacturing. In parallel, USA Rare Earth, through LCM Europe, is developing a 3,750 mtpa metal and alloy production facility at the same location. Together, these projects are intended to form one of Europe’s most complete rare earth industrial ecosystems and to advance a secure, Western-aligned value chain across the United States, the United Kingdom, and Europe.
The Lacq platform builds on the French government’s previously announced support for the LCM Europe metallization and alloy project, including direct credits under the C3IV program of up to 45 percent of eligible equipment and real estate, up to €130 million, and Bpifrance Assurance Export’s readiness to consider a state guarantee (Garantie des Projets Stratégiques) covering 50 percent of commercial debt financing for project capital expenditures.
Transaction Advisors
Moelis & Company LLC acted as financial advisor and Latham & Watkins LLP acted as legal advisor to USA Rare Earth.
About USA Rare Earth
USA Rare Earth, Inc. (Nasdaq: USAR) is building a fully integrated rare earth and permanent magnet value chain across the United States, the United Kingdom, and Europe. Through its ownership of Less Common Metals Ltd. (LCM) and development of magnet manufacturing capacity in Stillwater, Oklahoma, USA Rare Earth operates across the entire value chain, from heavy rare earth processing to metal-making, alloy production, and neodymium magnet manufacturing. By combining domestic feedstock from the Round Top deposit with advanced processing technologies, recycling capabilities, and an expanding European industrial footprint, USA Rare Earth is establishing a secure, Western-aligned supply of materials essential to defense, electrification, robotics, energy, and advanced manufacturing.
About Carester
Founded in 2019 by Frédéric Carencotte and a team of international experts, Carester is a French company specializing in the refining of rare earth elements, critical materials for advanced technologies. The company is a leader in the separation and production of highly valuable heavy rare earth oxides including praseodymium (Pr), neodymium (Nd), terbium (Tb), and dysprosium (Dy), all critical components of permanent magnets. Carester processes both mined and recycled material, and its proprietary software intellectual property enables customers to optimize oxide formulations for specific use cases.
About InfraVia Capital Partners
Founded in 2008, InfraVia is a leading independent private capital firm specialized in real assets (infrastructure, critical metals, real estate) and technology investments. InfraVia is a conviction-driven investor focusing on resilient assets and long-term value creation through active, hands-on asset management. Headquartered in Paris, InfraVia is 100 percent partner-owned. InfraVia manages more than EUR 20 billion of capital and has invested in more than 60 companies across Europe.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements regarding the Company’s investment in Carester and the timing and completion of that investment, the development of Carester’s Caremag facility and LCM Europe’s planned metal and alloy production facility in Lacq, France, the Company’s role in establishing a midstream and downstream rare earth and magnet value chain in Europe, and USAR’s expectations for future development, operations, strategies, transactions and financial performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as “anticipate,” “can,” “continue,” “could,” “growth,” “may,” “might,” “plan,” “potential,” “project,” “propose,” “should,” “target,” “vision,” “will,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
Forward-looking statements are subject to risks and uncertainties and potentially inaccurate assumptions that could cause actual results to differ materially from our expectations, including without limitation: the investment in Carester is subject to remaining customary conditions and may not be completed on the terms contemplated or at all; Carester’s Caremag facility in Lacq, France is under construction and has not commenced commercial operation, and its commissioning may be delayed; the proposed transactions with Serra Verde Group and Texas Mineral Resources Corp. may not be consummated on their anticipated timelines or at all; we may not realize the anticipated benefits of our proposed and prior acquisitions, including expected synergies, financial performance, estimated earnings before interest, taxes, depreciation and amortization and, in the case of Serra Verde, integration of operations, on the anticipated timeline or at all; the ability of our magnet manufacturing facility in Stillwater, Oklahoma (the “Stillwater facility”) or other future magnet manufacturing facilities to commence commercial operations on the timing and with the production capacity anticipated or at all; our limited operating history; our ability to commercially extract minerals from the Round Top deposit in Texas on our anticipated timeline or at all; risks that we may experience delays, unforeseen expenses, increased capital costs, and other complications in operating our business; our ability to raise necessary capital on acceptable terms or at all; potential dilution to existing stockholders and adverse effect on our stock price if we issue additional common stock or equity-linked securities; the volatility of our stock price; our ability to satisfy project milestones and other conditions to disbursement under our financing arrangement with the DOC on the anticipated timeline or at all; our dependence on continued governmental support for the DOC financing transactions, which remains subject to changes in laws, regulations, administrations and appropriations; extensive affirmative and negative covenants, domestic content and national security guardrail provisions and ongoing reporting obligations in the DOC financing agreements that restrict our operational and financial flexibility; the risk that defaults under the DOC funding agreements could trigger cross-defaults across our financing arrangements; the impact of the DOC’s equity interest in us on our ability to pursue strategic transactions and on our relationships with customers, suppliers, partners and other counterparties; the availability of rare earth oxide, metal feedstock and other materials, utilities (including power and water) and equipment in quantities and prices that allow us to develop and commercially operate our Stillwater facility and other facilities; our ability to meet individual customer specifications and manufacture a consistently high quality product; fluctuations in demand for and prices of our products, including without limitation as a result of dumping, predatory pricing and other tactics by our competitors or state actors or the overall competitive environment; our ability to achieve positive cash flow or profitability or the ability to access cash flow within our corporate structure due to restrictions contained in our financing agreements; our ability to convert current commercial discussions and/or memorandums of understanding with customers for the sale of our neo magnets and other products into definitive orders; geopolitical developments or disruptions, such as changes in the political environment, export/import or environmental policy of the People’s Republic of China, the United States or other countries in which we operate or sell products or otherwise; limitations imposed on our business by the Chinese government; war, terrorism, natural disasters or public health emergencies; our ability to retain or recruit key personnel; environmental, health and safety regulations; and our ability to comply with requirements for federal, state and local government incentives and financing.
Additional risks and detailed information regarding factors that may cause actual results to differ materially has been and will be included in our filings with the SEC. Any forward-looking statements speak only as of the date of this report (or such other date as is specified in such statements), and USAR undertakes no obligation to update any forward-looking statements as a result of new information or future events or developments, except to the extent required by law.
USA Rare Earth oznámila změnu vedení: Barbara Humptonová odejde 1. října 2026 a generálním ředitelem se stane Thras Moraitis. Michael Blitzer byl s okamžitou platností zvolen výkonným předsedou představenstva.
Barbara Humpton to retire and Thras Moraitis to become CEO, both effective October 1, 2026
Michael Blitzer elected Executive Chairman, effective immediately
STILLWATER, Okla., July 20, 2026 (GLOBE NEWSWIRE) -- USA Rare Earth, Inc. (Nasdaq: USAR) (“USAR”, “USA Rare Earth”, or the “Company”), announced today that Barbara Humpton will retire as Chief Executive Officer and Board Director on October 1, 2026. USAR’s Board of Directors has named Thras Moraitis, current CEO of the Serra Verde Group (“Serra Verde”) and a highly experienced operator in the rare earths industry, as Ms. Humpton’s successor. Mr. Moraitis will assume the CEO role on October 1, 2026, following the anticipated completion of USAR’s combination with Serra Verde by the end of August. During the interim period, Mr. Moraitis will continue to oversee the combined company’s operations as President.
Michael Blitzer, current Chairman of USAR's Board and significant shareholder in the Company, has been elected Executive Chairman, effective immediately. Since its public listing, he has played a central role in setting USAR’s strategic direction, anchoring its vision to build a global mine-to-magnet value chain and identifying organic and inorganic growth opportunities. He also helped lead USAR’s efforts to obtain U.S. government financing, including by personally agreeing to restrictions on the transfer of his USAR common stock until certain strategic funding release milestones under the government financing are satisfied.
Ms. Humpton has been instrumental in steering USAR’s mine-to-magnet strategy, overseeing company milestones that have fundamentally transformed the Western critical minerals landscape. Under her leadership, USAR secured landmark public-private partnerships and established a global footprint spanning critical processing, metals, and magnet capabilities. She has also helped establish a culture that attracts the best and brightest minds across the sector.
Mr. Moraitis has served as Chief Executive Officer of Serra Verde since January 2023 and has an unparalleled track record of operational execution, strategic development and transaction leadership in the rare earths sector. Over his tenure, Serra Verde transformed into the only large-scale producer of the four critical magnetic rare earths outside of Asia and a pioneer of the Brazilian rare earths sector. In April 2026, Serra Verde entered into a definitive agreement to combine with USAR, creating a platform to support the first fully integrated, Western mine-to-magnet supply chain. Prior to Serra Verde, Mr. Moraitis served on the Executive Committee of Xstrata, led by CEO Sir Mick Davis, where he and the team grew Xstrata into a US$65B company, ultimately selling it to Glencore in 2013.
”On behalf of the Board of Directors, I want to thank Barbara for her leadership and contributions to USA Rare Earth – including securing landmark public-private agreements, advancing our global mine-to-magnet strategy and building an exceptional portfolio of industry leading assets,” said Michael Blitzer, Executive Chairman of USA Rare Earth’s Board of Directors. “With the Serra Verde combination nearing completion and our overall focus shifting to execution, Barbara and the Board agree this is the right time for a leadership transition. Thras is among a rare group of leaders in this industry, with a proven record of carrying companies through integration and large-scale project execution, honed over his many years helping build Xstrata. He knows what it takes to build an industry champion, and his relentless focus on operational excellence will be invaluable as we ramp to full production and scale. We are confident Thras is the right leader to guide USAR through this pivotal next chapter and deliver lasting value for all our stakeholders."
“When I joined USAR, I said this work was about being part of a mission that matters: strengthening national security, advancing American industrial competitiveness and building the critical supply chains required for the future,” said Ms. Humpton. “With the close of the Serra Verde transaction approaching and focus shifting to execution, the Board and I agree this is the right time to pass the torch to Thras. I could not be more grateful to the USAR team for what we have built, and the Board and our partners for their collaboration and commitment to those efforts. I look forward to supporting Thras and the team, and watching them execute on the transformative work that lies ahead.”
Mr. Moraitis concluded, “I am honored and excited to take on this role and grateful to Barbara for the strong foundation she has built. Over the past year, under Barbara’s leadership, the company has been transformed into a leading rare earth platform with enormous potential for growth. Through the merger integration preparation, I have become deeply familiar with USAR's operations across all steps in the value chain, its mission-critical ambitions and the importance of what it is building. Mike, the Board and I are all closely aligned in our vision for USAR: to create a platform comprising all components of the rare earth value chain, with the scale and capabilities to lead this industry globally. The rare earth industry and our customers are facing the unprecedented challenge of building secure, integrated supply chains to power the vital technologies propelling our society forward. Together, with our team and partners around the world, we will rise to this challenge.”
Additional Details About Thras Moraitis
Prior to joining Serra Verde in 2023, Mr. Moraitis served as Chief Development Officer and a member of the Executive Board of EuroChem Group AG. Mr. Moraitis was also a co-founder of X2 Resources, a US$5.6B mining investment fund. He previously served as Group Head of Strategy and Corporate Affairs and as a member of the Executive Committee of Xstrata Plc, where he was responsible for strategic development, post-acquisition integration, leadership development, external affairs and investor relations as well as Xstrata’s technology business. He has been involved in approximately 40 transactions over the course of his career and currently serves as an advisor to Vision Blue Resources. Mr. Moraitis holds an honors BSc in Electrical Engineering, a postgraduate qualification in Computer Science and an MBA.
About Michael Blitzer
Michael Blitzer is a Founder and Managing Partner of Inflection Point, the leading financial sponsor of companies at the intersection of national security, technology, and critical infrastructure. Across eight announced or closed public listings, he has led Inflection Point’s portfolio of strategically important assets, including more than US$5B of capital raised to catalyze growth across the portfolio. He has led billions of dollars in strategic M&A to scale portfolio companies into public leaders in their respective industries. As the financial sponsor and Chairman of USA Rare Earth since its 2025 public listing, Mr. Blitzer has overseen a nearly tenfold increase in market capitalization through M&A and the landmark US$1.6B public-private partnership with the United States Government.
About USA Rare Earth, Inc.
USA Rare Earth, Inc. (Nasdaq: USAR) is building a fully integrated rare earth and permanent magnet value chain across the United States, the United Kingdom, as well as plans for expansion in France and Brazil. Through its ownership of Less Common Metals (LCM), one of the world’s leading producers of rare earth metals and alloys, its magnet manufacturing capacity in Stillwater, Oklahoma, the planned acquisition of the Pela Ema mine in Brazil (subject to closing the Serra Verde Group transaction) and the Round Top deposit in Texas, USA Rare Earth operates across the entire value chain from mining to metal-making, alloy production and neodymium magnet manufacturing. USA Rare Earth is establishing a secure, Western supply of materials essential to the aerospace and defense, semiconductor, energy, data center, physical AI, mobility, healthcare and other key industrial sectors. For more information, visit www.usare.com.
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements regarding USAR’s expectations for future development, operations, strategies, transactions and financial performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as “anticipate,” “can,” “continue,” “could,” “growth,” “may,” “might,” “plan,” “potential,” “project,” “propose,” “should,” “target,” “vision,” “will,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
Forward-looking statements are subject to risks and uncertainties and potentially inaccurate assumptions that could cause actual results to differ materially from our expectations, including without limitation: risks that the proposed transactions with Serra Verde Group, Carester SAS and Texas Mineral Resources Corp. may not be consummated on their anticipated timelines or at all; we may not realize the anticipated benefits of our proposed and prior acquisitions, including expected synergies, financial performance, estimated earnings before interest, taxes, depreciation and amortization and, in the case of Serra Verde, integration of operations, on the anticipated timeline or at all; the ability of our magnet manufacturing facility in Stillwater, Oklahoma (the “Stillwater facility”) or other future magnet manufacturing facilities to commence commercial operations on the timing and with the production capacity anticipated or at all; our limited operating history; our ability to commercially extract minerals from the Round Top deposit in Texas on our anticipated timeline or at all; risks that we may experience delays, unforeseen expenses, increased capital costs, and other complications in operating our business; our ability to raise necessary capital on acceptable terms or at all; potential dilution to existing stockholders and adverse effect on our stock price if we issue additional common stock or equity-linked securities; the volatility of our stock price; our ability to satisfy project milestones and other conditions to disbursement under our financing arrangement with the DOC on the anticipated timeline or at all; our dependence on continued governmental support for the DOC financing transactions, which remains subject to changes in laws, regulations, administrations and appropriations; extensive affirmative and negative covenants, domestic content and national security guardrail provisions and ongoing reporting obligations in the DOC financing agreements that restrict our operational and financial flexibility; the risk that defaults under the DOC funding agreements could trigger cross-defaults across our financing arrangements; the impact of the DOC’s equity interest in us on our ability to pursue strategic transactions and on our relationships with customers, suppliers, partners and other counterparties; the availability of rare earth oxide, metal feedstock and other materials, utilities (including power and water) and equipment in quantities and prices that allow us to develop and commercially operate our Stillwater facility and other facilities; our ability to meet individual customer specifications and manufacture a consistently high quality product; fluctuations in demand for and prices of our products, including without limitation as a result of dumping, predatory pricing and other tactics by our competitors or state actors or the overall competitive environment; our ability to achieve positive cash flow or profitability or the ability to access cash flow within our corporate structure due to restrictions contained in our financing agreements; our ability to convert current commercial discussions and/or memorandums of understanding with customers for the sale of our neo magnets and other products into definitive orders; geopolitical developments or disruptions, such as changes in the political environment, export/import or environmental policy of the People’s Republic of China, the United States or other countries in which we operate or sell products or otherwise; limitations imposed on our business by the Chinese government; war, terrorism, natural disasters or public health emergencies; our ability to retain or recruit key personnel; environmental, health and safety regulations; and our ability to comply with requirements for federal, state and local government incentives and financing.
Additional risks and detailed information regarding factors that may cause actual results to differ materially has been and will be included in our filings with the SEC. Any forward-looking statements speak only as of the date of this report (or such other date as is specified in such statements), and USAR undertakes no obligation to update any forward-looking statements as a result of new information or future events or developments, except to the extent required by law.
Additional Information and Where to Find It
In connection with our business combination with Serra Verde (the “Serra Verde Merger”), USAR filed the Preliminary Proxy Statement and, following SEC review, intends to file a definitive proxy statement (together with any amendments or supplements thereto, the “Proxy Statement”), to be distributed to USAR’s stockholders in connection with USAR’s solicitation of proxies for the vote by USAR’s stockholders with respect to the issuance of USAR common stock as merger consideration and other matters described in the Proxy Statement. SVRE’s shareholders approved the merger by written consent which was delivered concurrently with the signing of the merger agreement and will not receive a proxy statement or prospectus. USAR also plans to file with or furnish to the SEC other relevant documents regarding the Serra Verde Merger. After SEC review of the preliminary proxy statement is completed, the definitive Proxy Statement will be mailed to stockholders of USAR. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT AND ALL OTHER RELEVANT DOCUMENTS THAT ARE OR WILL BE FILED WITH OR FURNISHED TO THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER AND RELATED MATTERS.
Investors and security holders will be able to obtain free copies of the Proxy Statement and other documents containing important information about USAR and the Serra Verde Merger, once such documents are filed with or furnished to the SEC through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with or furnished to the SEC by USAR will be available free of charge on USAR’s website at investors.usare.com or by contacting USAR’s Investor Relations department by email at [email protected]. The information included on, or accessible through, USAR’s website is not incorporated by reference into this communication.
Participants in the Solicitation
USAR and certain of its directors and executive officers and other members of its management and employees may be deemed to be participants in the solicitation of proxies in respect of the Serra Verde Merger.
Information about the directors and executive officers of USAR, including a description of their direct or indirect interests, by security holdings or otherwise, is contained in USAR’s Preliminary Proxy Statement. Any changes in the holdings of USAR’s securities by USAR’s directors or executive officers from the amounts described in the Preliminary Proxy Statement will be reflected in Statements of Changes in Beneficial Ownership on Form 4 (“Form 4”) or Annual Statements of Changes in Beneficial Ownership of Securities on Form 5 (“Form 5”) subsequently filed with the SEC and available at the SEC’s website at www.sec.gov. Additional information regarding the interests of such participants will be contained in the Proxy Statement when available.
No Offer or Solicitation
This communication is for informational purposes only and is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval on the Serra Verde Merger or otherwise, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or pursuant to an applicable exemption therefrom.
Investor Contact
JB Lowe
Vice President, Investor Relations
USA Rare Earth, Inc. [email protected]
USA Rare Earth oznámila, že ve Wheat Ridge vyrobila komerční vzorky oxidu dysprosia a oxidu neodymu-praseodymu z recyklovaného magnetického odpadu. Firma tím posiluje schopnost zpracovávat těžké vzácné zeminy mimo Asii.
July 14, 2026 07:00 ET | Source: USA Rare Earth, Inc.
Positions USA Rare Earth as one of few companies outside of Asia with the capability to separate heavy rare earths
Represents important step toward an integrated value chain that secures global supply for advanced manufacturing and critical industries
Broadens Company’s feedstock options to include recycled material, complementing planned oxide production from Round Top and Serra Verde concentrates
Samples to be sent to LCM for qualification; produced oxides to serve as feedstock to rare earth metal production, which supplies the Company’s magnet manufacturing facilities in the United States
WHEAT RIDGE, Colo., July 14, 2026 (GLOBE NEWSWIRE) -- USA Rare Earth, Inc. (Nasdaq: USAR) ("USAR", "USA Rare Earth", or the "Company"), a rare earth, critical minerals and advanced materials company, today announced that its hydrometallurgical facility in Wheat Ridge, Colorado, has produced commercial-grade dysprosium (Dy) oxide and neodymium-praseodymium (NdPr) oxide samples from recycled rare earth magnet scrap, known in the industry as "swarf."
USA Rare Earth’s successful separation of commercial-grade Dy oxide and NdPr oxide at Wheat Ridge is a pivotal milestone, establishing the Company as one of the few Western producers capable of executing this technically demanding process outside Asia. By bridging world-class upstream resources with advanced separation and processing, metallization, and magnet manufacturing, the Company’s mission is to build the leading global rare earth and critical mineral value chain where each link reinforces the next. This achievement marks a critical step toward delivering a global, integrated solution to de-risk supply chains for defense, semiconductors, and physical AI infrastructure.
The Dy and NdPr oxides were produced using swarf, the fine scrap generated when neodymium-iron-boron (NdFeB) magnets are machined and finished, which in this case were sourced from the Company’s Stillwater, OK magnet manufacturing facility. Turning that scrap back into high-purity light and heavy rare earth oxide broadens the Company’s feedstock options and strengthens the circularity of its value chain, with swarf projected to support up to 30% of future magnetic rare earth oxide feedstock needs. This validation of the magnet swarf recycling flowsheet also lays the foundation to potentially incorporate end-of-life magnets as an additional commercial feedstock option.
The oxides produced at Wheat Ridge are expected to be sent to Less Common Metals (“LCM”), USA Rare Earth’s subsidiary in the United Kingdom, for qualification and for conversion into rare earth metals and strip cast. The output from LCM, which is one of the few commercial scale metal, alloy and strip cast producers outside of Asia, is expected to serve as feedstock for the Company’s magnet manufacturing facilities in the United States.
Dysprosium is one of the most technically challenging rare earth elements to separate at commercial purity, and today virtually all Dy oxide is produced in China. While NdPr provides the magnetic foundation of NdFeB permanent magnets, dysprosium is added in smaller quantities to allow magnets to retain performance and coercivity at high operating temperatures, a requirement of the aerospace, defense, electric vehicle, robotics and industrial motor applications that NdFeB magnets enable. Producers with the proven ability to separate heavy rare earths at commercial specification outside Asia remain scarce, and Dy availability is widely recognized as a primary constraint on the Western permanent magnet industry.
Today’s production milestone places USA Rare Earth in that small group and establishes swarf from magnet manufacturing as a feedstock stream back into the Company’s value chain, closing the loop between the Company’s downstream magnet manufacturing and its upstream separation. Additional campaigns underway at Wheat Ridge are expected to process material from the Company’s Round Top project and from Serra Verde’s Pela Ema mine. These campaigns are expected to produce additional varieties of rare earth and critical mineral oxides in the coming weeks, further advancing USA Rare Earth toward proven capability across every stage of the rare earth value chain: mining, separation and processing, metal and alloy making, and permanent magnet manufacturing.
About the Wheat Ridge Facility
The Wheat Ridge demonstration facility runs 24 hours a day and is fully instrumented for real-time process monitoring across every unit operation. The facility is built to digitally and physically simulate the Company’s future commercial-scale operation, and the data it generates flows directly into the engineering design of a planned consolidated separation facility, which will process both magnet swarf and mixed rare earth carbonate (MREC). This allows the team to validate its proprietary flowsheets and refine the commercial design using live operating data and physical testing rather than theory alone.
About USA Rare Earth, Inc.
USA Rare Earth, Inc. (Nasdaq: USAR) is building a fully integrated rare earth and permanent magnet value chain across the United States and the United Kingdom, with plans for expansion in France and Brazil. Through its ownership of Less Common Metals (LCM), one of the world’s leading producers of rare earth metals and alloys, its magnet manufacturing capacity in Stillwater, Oklahoma, the planned acquisition of the Pela Ema mine in Brazil (subject to closing the Serra Verde Group transaction) and the Round Top deposit in Texas, USA Rare Earth operates across the entire value chain from mining to metal-making, alloy production and neodymium magnet manufacturing. USA Rare Earth is establishing a secure, Western supply of materials essential to the aerospace and defense, semiconductor, energy, data center, physical AI, mobility, healthcare and other key industrial sectors. For more information, visit www.usare.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include those relating to the objectives, scope and anticipated benefits of the Wheat Ridge demonstration program; the Company’s ability to validate and optimize its processing and separation flowsheets and to produce separated oxides at commercial quality; the Company’s plans for a consolidated commercial separation facility for magnet swarf and mixed rare earth carbonate; and the Company’s global value chain strategy. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as “anticipate,” “believe,” “can,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “project,” “should,” “target,” “will,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
Forward-looking statements are subject to risks and uncertainties and potentially inaccurate assumptions that could cause actual results to differ materially from the Company’s expectations, including without limitation: the Company’s ability to execute its business plan, including development of the Round Top deposit and its processing and manufacturing facilities; the timing and advancement of expected business milestones; the significant long-term and inherently risky investments the Company is making in mining and manufacturing facilities; the Company’s ability to obtain additional or replacement financing as needed; risks that the proposed transactions with Serra Verde Group, Carester SAS and Texas Mineral Resources Corp. may not be consummated on their anticipated timelines or at all; the Company may not realize the anticipated benefits of its proposed and prior acquisitions, including expected synergies, financial performance, estimated EBITDA and, in the case of Serra Verde Group, integration of operations, on the anticipated timeline or at all; the ability of the Company’s Stillwater facility or other future magnet manufacturing facilities to commence commercial operations on the timing and with the production capacity anticipated or at all; the Company’s limited operating history; risks that the Company may experience delays, unforeseen expenses, increased capital costs, and other complications in operating its business; potential dilution to existing stockholders and adverse effect on the Company’s stock price if the Company issues additional common stock or equity-linked securities; the volatility of the Company’s stock price; the Company’s ability to satisfy project milestones and other conditions to disbursement under the Company’s financing arrangement with the Department of Commerce (“DOC”) on the anticipated timeline or at all; the Company’s dependence on continued governmental support for the DOC financing transactions, which remains subject to changes in laws, regulations, administrations and appropriations; extensive affirmative and negative covenants, domestic content and national security guardrail provisions and ongoing reporting obligations in the DOC financing agreements that restrict the Company’s operational and financial flexibility; the risk that defaults under the DOC funding agreements could trigger cross-defaults across the Company’s financing arrangements; the impact of the DOC’s equity interest in the Company on the Company’s ability to pursue strategic transactions and on the Company’s relationships with customers, suppliers, partners and other counterparties; the availability of rare earth oxide, metal feedstock and other materials, utilities (including power and water) and equipment in quantities and prices that allow the Company to develop and commercially operate the Company’s Stillwater facility and other facilities; the Company’s ability to meet individual customer specifications and manufacture a consistently high quality product; fluctuations in demand for and prices of the Company’s products, including without limitation as a result of dumping, predatory pricing and other tactics by the Company’s competitors or state actors or the overall competitive environment; the Company’s ability to achieve positive cash flow or profitability or the ability to access cash flow within the Company’s corporate structure due to restrictions contained in the Company’s financing agreements; the Company’s ability to convert current commercial discussions and/or memorandums of understanding with customers for the sale of the Company’s neo magnets and other products into definitive orders; geopolitical developments or disruptions, such as changes in the political environment, export/import or environmental policy of the People’s Republic of China, the United States or other countries in which the Company operates or sells products or otherwise; war, terrorism, natural disasters or public health emergencies; the Company’s ability to retain or recruit key personnel; environmental, health and safety regulations; and the Company’s ability to comply with requirements for federal, state and local government incentives and financing.
Additional risks and detailed information regarding factors that may cause actual results to differ materially has been and will be included in the Company’s filings with the U.S. Securities and Exchange Commission, including the Company’s most recently filed Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q and subsequent filings. Any forward-looking statements speak only as of the date of this press release (or such other date as is specified in such statements), and the Company undertakes no obligation to update any forward-looking statements as a result of new information or future developments except as required by law.
Investor Contact
JB Lowe
Vice President, Investor Relations
USA Rare Earth, Inc. [email protected]
USA Rare Earth v první polovině roku 2026 vzrostla o 81,3 % díky pokroku směrem k zahájení komerčního provozu a sérii pozitivních oznámení. V lednu akcie vyskočily o více než 88 %.
Underperforming the S&P 500, shares of USA Rare Earth (USAR 6.87%) inched 3.7% higher in 2025, while the index rose 16.4%. The first half of 2026, however, featured a very different story. According to data provided by S&P Global Market Intelligence, shares of USA Rare Earth soared 81.3% through the first six months of 2026.
With analysts consistently providing bullish outlooks on the stock and the rare-earth company reporting progress toward commencing commercial operations, investors found sufficient cause to click the buy button over the past several months.
Image source: Getty Images.
Digging into the sources of this mining stock's rise It didn't take long after the ball dropped before investors started bidding USA Rare Earth stock higher. Shares rose more than 88% in January after the company announced a partnership with the French government to develop a metal and alloy production facility in France that management expects to commence operations in late 2026.
Today's Change
(
-6.87
%) $
-1.27
Current Price
$
17.21
Reporting progress toward the start of domestic operations, USA Rare Earth announced in late January that it had selected Fluor to assist with its Definitive Feasibility Study for the company's cornerstone Round Top Rare Earth Project in Texas. Plus, the company announced that it had signed a non-binding Letter of Intent with the U.S. Department of Commerce and entered into a collaboration with the U.S. Department of Energy, totaling about $1.6 billion in federal funding. In addition, the company announced $1.5 billion in private funding provided by Inflection Point.
Analysts also espoused a more bullish outlook on USA Rare Earth stock in the early part of the new year. On Jan. 26, Roth Capital hiked its price target to $35 from $25, and the following day, Benchmark boosted its price target to 45 from $15.
Despite a strong start to the year, shares dipped in February and March. But the decline didn't persist. In April, USA Rare Earth stock headed higher after the company reported that its subsidiary had poured commercial-grade yttrium (a rare-earth metal) at its facility in the United Kingdom. The company lauded the achievement, characterizing it as a milestone that sets it apart as one of the few companies to do so outside China.
Another catalyst for the stock's rise in April was the company's announcement that it had entered into a definitive agreement to acquire Serra Verde Group, a large-scale producer of all four magnetic rare-earths, including the valuable heavy rare-earth dysprosium, terbium, and yttrium, for about $2.8 billion. According to USA Rare Earth management, the acquisition will de-risk the company as Serra Verde is expected to achieve annualized run rate earnings before interest, taxes, depreciation, and amortization of $550-$650 million by the end of 2027.
How are things looking in the second half of the year? Despite the strong performance in the first half of 2026, the second half of the year hasn't provided much for investors to celebrate, with shares sinking more than 20% as of this writing since June 30. For a speculative stock such as USA Rare Earth, the volatility is to be expected. Thus, those with lower risk tolerances who are interested in growth stocks that provide rare-earth exposure will be more interested in a rare-earth ETF.
Akcie USA Rare Earth v červnu klesly o 23 % poté, co firma podala registrační dokument pro možný prodej 93,8 milionu akcií. Trh znervózněla také čínská omezení a spor s MP Materials.
Shares in USA Rare Earth (USAR 4.15%) fell by 23% in June, according to data from S&P Global Market Intelligence. There are probably three unrelated reasons for the stock's decline this month. The first relates to a filing with the Securities and Exchange Commission (SEC) that might concern investors worried about a potential flood of selling by investors who had acquired their stock at lower levels. The second concerns the blacklisting of the company as part of China's export controls, and the third is a legal matter.
An overhang of shares for sale? On June 5th, the company filed an S-3/A registration statement with the SEC covering the potential resale of 93,822,662 shares, representing 35.2% of the company's issued and outstanding common stock on a diluted basis.
The selling stockholders include shares acquired at much lower prices than the current stock price via business combinations, the conversion of preferred stock and warrants, share purchase agreements, and private investment in public equity (PIPE) transactions.
Today's Change
(
-4.15
%) $
-0.83
Current Price
$
19.15
It's important to stress that there's nothing unusual about the filing, and the company was legally obligated to file it. Still, the potential overhang of shares for sale in such a large amount is bound to cause investor concern, particularly for a company that clearly needs investment to build magnet production and ultimately develop the Round Top mine in 2028.
China blacklists USA Rare Earth Toward late June, China added USA Rare Earth and its peer MP Materials to its list of companies with restricted access to Chinese technology. While neither company buys or sells directly from China, the export restrictions also cover Chinese components used in final products that could be sold to USA Rare Earth and MP Materials. Consequently, they may need to reassess their supply chains, which could affect both companies at a time when they are looking to ramp up magnet production and acquire rare-earth processing technology.
MP Materials lawsuit against USA Rare Earth Finally, MP Materials is taking legal action against USA Rare Earth, alleging that "USA Rare Earth Inc. stole its proprietary technology through a former employee," according to a Bloomberg report. While lawsuits are, unfortunately, not uncommon among peers in the U.S, the legal challenge is a distraction in the future.
Image source: Getty Images.
Where next for USA Rare Earth The events in June highlight that, as exciting as the company's long-term prospects are, there's still a long way to go, with plenty of execution risk ahead, the potential for further shareholder dilution, and the risk of concerted selling pressure taking its toll on the stock.
That said, the company is one of the solutions to the challenge of securing a domestic supply of rare earth materials and magnets, and while that remains the case, it's likely to find favor among the government and investors.
USA Rare Earth zůstává ve ztrátě, protože vyšší provozní náklady a růst výdajů stlačily výsledky; v 1. čtvrtletí 2026 vykázala ztrátu 34 centů na akcii. Firma zároveň spustila první fázi výroby magnetů, což jí umožní začít plnit objednávky ve 2. čtvrtletí 2026.
Key Takeaways USAR remains unprofitable as expansion, acquisitions and workforce growth lift operating costs.Q1 2026 SG&A rose to $21.2M and R&D increased to $14.2M, contributing to a 34-cent per-share loss.USA Rare Earth commissioned Phase 1a magnet production, enabling Q2 2026 customer orders. USA Rare Earth, Inc. (USAR - Free Report) is still in the early phases of commercialization and continues to incur losses as it scales its operations. Though the company started generating revenues following the acquisition of Less Common Metals, higher operating expenses related to expansion, acquisitions and workforce growth are pressuring its profitability.
USAR’s cost of product revenues was $5.59 million in the first quarter of 2026. The figure was 98.1% of total revenues. In the same period, its selling, general and administrative expenses surged to $21.2 million from $7 million in the year-ago quarter owing to increasing legal & consulting costs, higher headcount & recruiting fees and other costs.
USAR’s research and development expenses climbed to $14.2 million compared with $1.7 million reported in the year-ago quarter due to higher employee-related and development costs. Consequently, the company posted a loss of 34 cents per share for the quarter.
However, USAR recently reached a significant milestone by commissioning Phase 1a of its commercial magnet production line at its Stillwater, OK, facility. This enables USAR to start fulfilling customer orders for sintered neodymium-iron-boron (NdFeB) permanent magnets in the second quarter of 2026.
While USA Rare Earth is making steady progress in expanding its operations, continued losses and cost pressures remain challenges. The company’s ability to balance growth investments with improving revenues and cost discipline is expected to benefit it in the quarters ahead.
USAR’s Peer PerformanceAmong its major peers, NioCorp Developments Ltd. (NB - Free Report) is experiencing rising cost pressures. In the third quarter of fiscal 2026, Niocorp reported a significant year-over-year increase in operating expenses, primarily driven by spending related to the advancement of the Elk Creek Project. If these elevated costs persist, they could weigh on NioCorp’s margins and profitability.
Its another peer, Rio Tinto Group (RIO - Free Report) , is gaining from rising copper production, driven by strong operational performance across its assets. However, weather-related disruptions in 2025 affected Rio Tinto’s iron ore volumes. Planned maintenance activities at some copper mining projects temporarily reduced Rio Tinto’s output in 2025, while cost pressures from inflation and higher sustaining capital spending impacted margins.
USAR’s Price Performance, Valuation & EstimatesShares of USAR have gained 85.8% in the past year compared with the industry’s growth of 58.1%.
Image Source: Zacks Investment Research
From a valuation standpoint, USAR is trading at a forward price-to-earnings ratio of negative 70.07X against the industry’s average of 15.85X. USA Rare Earth has a Value Score of F.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for USAR’s 2026 earnings has decreased over the past 60 days.
USA Rare Earth získala celkem 3,5 miliardy USD na vybudování domácího řetězce od dolu až po magnety. Firma zároveň plánuje novou továrnu na magnety v Jižní Karolíně a rozvoj dolu Round Top v Texasu.
Rare-earth magnets are central to many modern technologies, including electric vehicles, wind turbines, defense and missile guidance systems, and advanced consumer electronics. For years, the U.S. has become dependent on China for mining and processing raw materials into refined magnets, a trend that has grown into a national security concern.
The U.S. is taking steps to achieve full independence in producing rare-earth permanent magnets by reshoring the supply chain, including mining, processing, and manufacturing of these crucial materials. This "mine-to-magnet" strategy has put several mining companies on the map, including USA Rare Earth (USAR 5.37%).
Over the past year, USA Rare Earth has raised significant capital from the U.S. government and outside investors to build its supply chain. Does that make the stock a buy today? Let's dive into the company and find out.
Today's Change
(
-5.37
%) $
-1.23
Current Price
$
21.66
USA Rare Earth has raised significant capital Earlier this month, USA Rare Earth finalized an agreement with the U.S. Department of Commerce for up to $1.6 billion in federal funding under the CHIPS and Science Act. This funding package consists of $277 million in direct grants and up to $1.3 billion in senior secured loan capacity. In return, the federal government received 16.1 million common shares and 17.6 million warrants.
In addition to this federal funding, the company secured another $1.5 billion in private placement funds in January, bringing total liquidity to $3.5 billion. This funding is crucial for USA Rare Earth to build out its domestic mine-to-magnet supply chain, including developing the Round Top mine in Texas and expanding its processing and manufacturing capabilities.
The mine-to-magnet company has made some huge moves USA Rare Earth is building out its near-term capabilities and has made several key acquisitions to do so. Last year, it acquired U.K.-based Less Common Metals (LCM) for $100 million in cash, plus 6.5 million shares. Building on this, in April, it acquired Serra Verde Group for approximately $2.8 billion, structured via $300 million in cash and 126.8 million newly issued common shares.
Image source: Getty Images.
This move is crucial to helping USA Rare Earth get off the ground and running. That's because Serra Verde's Pela Ema mine in Brazil is currently the only operating, large-scale producer outside Asia that supplies all four primary magnetic rare-earth elements.
In addition, the company recently announced a $1.2 billion magnet manufacturing facility in South Carolina. Combining this with its acquisition of LCM and its active permanent magnet facilities in Oklahoma helps USA Rare Earth bridge the gap between raw extraction and finished commercial products.
The expansion efforts by USA Rare Earth have management projecting that the company will reach a magnet manufacturing run rate of 600 metric tons per annum (MPTA) at its Oklahoma facility, along with 3,000 MPTA of metal-making and alloy capacity through its LCM subsidiary.
In the longer term, the company is targeting annualized production capacity of 10,000 tons of rare-earth metal alloys and 10,000 tons of Neodymium Iron Boron (NdFeB) permanent magnets, positioning it to capture high-margin market share across the defense, electric vehicle, and semiconductor sectors.
Is USA Rare Earth for you? USA Rare Earth is making progress on building its mine-to-magnet supply chain, and recent acquisitions have given its business a big boost. Looking ahead, the company will continue advancing its Round Top mine in Texas, which is rich in heavy rare-earth elements critical to the production of high-heat permanent magnets.
Another benefit of this mine is that its mineralization enables cleaner, cheaper processing of these rare-earth elements, which could enable low-cost production and provide a notable competitive advantage for USA Rare Earth. The company hopes to begin commercial production at Round Top as soon as 2028.
With this in mind, USA Rare Earth is still undergoing massive expansion efforts that will be expensive for shareholders. Its dealings with the U.S. government and other acquisitions have diluted shareholders, and scaling its mining and processing capabilities will take time, underscoring the risks of owning early-stage, start-up mining stocks.
USA Rare Earth spustila demonstrační zařízení v Coloradu a plánuje začít vyrábět komerční oxidy vzácných zemin ve 3. čtvrtletí 2026. Teck mezitím posiluje svou sázku na měď prostřednictvím plánované fúze s Anglo American.
Key Takeaways USAR commissioned a Colorado facility targeting separated rare earth oxide output in Q3 2026.USAR's Stillwater magnet line targets 600 metric tons annually by end-2026, doubling by Q1 2027.TECK plans major copper growth through Anglo Teck and advancing Zafranal and San Nicolas projects. USA Rare Earth, Inc. (USAR - Free Report) and Teck Resources Limited (TECK - Free Report) are key participants in the Zacks Mining - Miscellaneous industry. Both companies are engaged in the extraction, processing and development of minerals that are essential to modern technologies and industrial applications. USAR and TECK are well-positioned to benefit from the growing demand for critical materials used in electrification, clean energy technologies and advanced manufacturing.
Both companies operate in capital-intensive mining industries that require extensive investments in infrastructure, advanced technologies and project development, while also navigating regulatory clearances and regulatory approval processes. At the same time, growing demand for minerals and metals critical to electric vehicles, renewable energy and other clean-energy technologies is creating favorable long-term growth opportunities for these companies.
The Case for USARUSA Rare Earth has commissioned its hydrometallurgical demonstration facility in Wheat Ridge, CO, in June 2026, marking a key step in building an integrated rare earth supply chain outside China. The company expects to begin producing commercial-quality separated rare earth oxides, including NdPr, dysprosium and terbium, in the third quarter of 2026.
The facility will process material from multiple sources, including the Round Top facility, third-party feedstocks and recycled magnet swarf, while supporting feasibility studies and future commercial-scale operations.
Also, the successful commissioning of Phase 1a of USAR’s commercial magnet production line at its Stillwater, OK, facility marks an important milestone in USAR’s growth strategy. The development enables the company to begin supplying sintered NdFeB permanent magnets to customers starting in the second quarter of 2026.
The commissioning demonstrates USA Rare Earth’s capability to operate a complex rare earth magnet manufacturing process at a commercial scale. At its Stillwater facility, USAR transforms rare earth materials into high-performance NdFeB permanent magnets through a series of production steps used in end markets such as defense, aerospace and automotive.
The Phase 1a is expected to achieve an annual production run rate of 600 metric tons by the end of 2026, while the planned Phase 1b expansion is projected to double total capacity to 1,200 metric tons annually by the first quarter of 2027. Once fully operational, the Stillwater facility is expected to be among the first large-scale NdFeB magnet manufacturing facilities in the United States, supporting a more resilient domestic rare earth supply chain.
USAR has strengthened its growth strategy through a combination of financing and acquisitions. In June 2026, the company secured access to up to $1.6 billion in government-backed funding under the CHIPS Program from the U.S. Department of Commerce. The package includes up to $277 million in federal funding and up to $1.3 billion in loan support as the company advances key development milestones.
In May 2026, USA Rare Earth secured a $14.2 million grant from the Texas Semiconductor Innovation Fund to boost the development of its Round Top Mountain rare earth project in West Texas, aimed at supporting domestic supply chains for critical minerals used in defense, semiconductors, AI and advanced technologies.
Also, in March 2026, USAR agreed to acquire Texas Mineral Resources Corp. in an all-stock transaction valued at approximately $73 million, giving it full ownership of the Round Top Project. The company expects commercial production at Round Top to begin in 2028, with a long-term goal of processing nearly 40,000 metric tons of rare earth and critical mineral feedstock per day by 2030. The November 2025 acquisition of Less Common Metals is expected to provide critical metal and alloy feedstock for the Stillwater plant.
While USAR is making progress with its growth initiatives, it is still in the early stages of commercialization and continues to report losses as it scales its operations. While the acquisition of Less Common Metals has started contributing to revenues, profitability remains under pressure from higher operating expenses associated with expansion efforts, acquisitions and workforce additions.
In the first quarter of 2026, selling, general and administrative expenses surged to $21.2 million from $7 million in the prior-year period, driven by higher legal, consulting and personnel-related costs. Research and development expenses also rose to $14.2 million from $1.7 million a year ago, reflecting increased investment in product development and growth initiatives.
The Case for TECKAs part of its long-term growth strategy, Teck Resources is increasing its focus on copper and other critical minerals that are essential for electrification and clean energy technologies. The company has agreed to merge with Anglo American plc to form the Anglo Teck group, creating one of the world's largest copper-focused mining companies. It will have more than 70% exposure to copper and is set to be among the top five global copper producers. The new company will consist of six world-class copper assets and premium iron ore and zinc operations with a combined annual copper production of 1.2 million tons. It is projected to grow 10% to 1.35 million tons by 2027, strengthening its position in the global copper market.
Teck Resources is further strengthening its copper growth pipeline by advancing several development projects toward sanction readiness. The company is progressing with permitting activities, securing land access and refining the business cases for its Zafranal and San Nicolás projects.
Zafranal is expected to have a mine life of 19 years and produce copper-gold concentrates through open-pit mining and conventional processing. The project is anticipated to generate an average of 126,000 tons of contained copper annually during its first five years of operation. Meanwhile, the San Nicolás project is advancing through the feasibility study stage and is expected to produce approximately 63,000 tons of copper and 147,000 tons of zinc annually during its first five years, on a 100% ownership basis.
Also, the Highland Valley Mine Life Extension is expected to extend the mine’s life from 2028 to 2046. Expected average annual copper production will likely be 132,000 tons over the life of the mine. The company expects to increase copper production to around 800,000 tons before the end of this decade.
However, the company’s zinc in concentrate production declined to 120 thousand tons in the first quarter of 2026 from 137 thousand tons a year earlier, reflecting lower grades at Red Dog in line with the mine plan. TECK expects zinc production to trend lower over the next three years as the mine approaches the end of its life. Full-year 2026 zinc production guidance is 410-460 thousand tons compared with 565 thousand tons produced in 2025.
Operating costs at several assets increased year over year due to higher contractor, energy and maintenance expenses. The company highlighted exposure to fuel price volatility and higher freight and explosives costs linked to geopolitical developments. Even though there is currently no significant risk of fuel supply disruption, the company expects an impact on costs at its Chilean operations due to the requirement for diesel imports.
How Does the Zacks Consensus Estimate Compare for USAR & TECK?The Zacks Consensus Estimate for USAR’s 2026 bottom line is pegged at a loss of 35 cents per share. Also, the company’s consensus estimate for the 2027 bottom line is pegged at a loss of 32 cents per share.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for TECK’s 2026 bottom line is pegged at $3.35 per share. Also, the company’s consensus estimate for 2027 bottom line is pegged at $2.89 per share.
Image Source: Zacks Investment Research
Price Performance and Valuation of USAR & TECKIn the past year, USAR’s shares have surged 103%, while TECK stock has gained 71.9%.
Image Source: Zacks Investment Research
USA Rare Earth is trading at a forward 12-month price-to-earnings ratio of negative 73.33X while Teck Resources’ forward earnings multiple sits at 21.39X.
Image Source: Zacks Investment Research
Final TakeUSAR is benefiting from the ramp-up of its commercial magnet production line, along with strategic acquisitions and investments designed to build a fully integrated domestic rare earth supply chain. The acquisitions of Less Common Metals and Texas Mineral Resources are expected to enhance the company’s operational capabilities and support its long-term growth strategy. However, USAR remains in the early stages of commercialization and continues to incur losses as it invests in capacity expansion, technology development and other growth initiatives.
In contrast, Teck Resources’ strong performance in the coming quarters is supported by its scale of operation, asset diversity and strategic transformation. The planned merger with Anglo American will create a global copper and critical minerals leader, with more than 70% exposure to copper. Though near-term zinc in concentrate production at Red Dog has been impacted by operational issues, TECK’s long-life assets and growth projects are expected to lower execution risk.
Given these factors, TECK seems a better pick for investors than USAR currently. While TECK Materials carries a Zacks Rank #3 (Hold) at present, USA Rare Earth has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Čína 22. června přidala 10 amerických společností na seznam kontrol vývozu, včetně MP Materials a USA Rare Earth, ale obě akcie za posledních pět dní vzrostly. Trh to bere jako potvrzení jejich strategického významu pro dodavatelské řetězce vzácných zemin.
On June 22, China added 10 U.S. companies to its export-control list, including rare-earth mining companies MP Materials (MP 3.85%) and USA Rare Earth (USAR 5.37%). Both stocks are up over the past five days, despite the news.
The restrictions are designed to stop dual-use item exports from China from reaching the companies. While the news appears negative on its face, the market often interprets these actions as a long-term validation of the companies' strategic importance and a catalyst for increased domestic government support.
Here are two reasons why the two mining stocks are climbing, and one reason to be cautious.
Image source: Getty Images.
The move is proof of strategic necessity China's decision to blacklist these firms serves as official confirmation that they are the primary credible threats to China's near-monopoly on rare-earth supply chains. For investors, this serves as a seal of approval, indicating that the companies have reached a level of operational maturity sufficient to disrupt Beijing's leverage.
While sanctions introduce operational hurdles, they paradoxically lower the risk that these companies will be undercut by state-subsidized Chinese imports in the future.
Retaliatory actions from China often accelerate the release of federal grants, low-interest loans, and Department of Defense (DoD) contracts. For instance, both companies have already secured massive backing, including a $400 million DoD investment in MP Materials and $1.6 billion in Commerce Department funding for USA Rare Earth to insulate them from Chinese supply disruptions.
Today's Change
(
-3.85
%) $
-2.27
Current Price
$
56.63
The supply chain decoupling has already begun The practical impact of these specific bans is often limited or symbolic. Both companies have spent the past year aggressively de-risking their supply chains. MP Materials and USA Rare Earth have largely transitioned away from relying on Chinese-sourced equipment or dual-use precursors.
Because they operate outside the Chinese-controlled ecosystem, they are increasingly able to command premium prices for non-China-certified rare-earths, which are in high demand among defense contractors and Western electric vehicle manufacturers subject to new trade regulations.
The move by China is also a reaction to the G7 agreement last week to cap rare-earth reliance on non-partner countries to below 60% by 2030.
Today's Change
(
-5.37
%) $
-1.23
Current Price
$
21.66
Still, there are concerns The operational reality remains challenging. Investors must weigh the long-term strategic support against potential near-term headwinds.
If these firms are barred from accessing specialized Chinese-made processing equipment or dual-use parts, they may face higher capital expenditures or project delays as they scramble to find alternative (often more expensive) suppliers.
On top of that, neither of the two companies is close to being profitable, and they're just beginning to ramp up production. MP Materials, in its first quarter, reported $90.6 million in revenue, up 49%, year over year, thanks to increased sales of NdPr oxide and metal, used in rare-earth magnets, but it had an earnings per share (EPS) loss of $0.04, compared to a loss of $0.12 in the same quarter in 2025.
USA Rare Earths' Round Top project in Texas isn't fully operational. It just commissioned a hydrometallurgical demonstration facility in Colorado, with production of separated oxides expected by the third quarter of the year. In the first quarter, the company had no revenue in the first quarter to go with its EPS loss of $0.34.
USA Rare Earth zprovoznila demonstrační hydrometalurgické zařízení ve Wheat Ridge a začala testovat rudu, externí suroviny i recyklovaný magnetický odpad. Firma očekává, že data podpoří studii proveditelnosti Round Top do 1. čtvrtletí 2027.
Key Takeaways USAR commissioned its Wheat Ridge demo facility to advance domestic rare earth processing.USAR began testing ore, third-party feedstock and recycled magnet swarf processing.USAR expects campaign data to support the Round Top feasibility study due by Q1 2027. USA Rare Earth, Inc. (USAR - Free Report) is advancing its growth strategy with the successful commissioning of its hydrometallurgical demonstration facility in Wheat Ridge, CO. This milestone marks a key step in the company's efforts to establish a fully integrated domestic rare earth supply chain and positions it to begin producing separated heavy rare earth oxides in the third quarter of 2026.
Over the past year, USAR expanded its integrated platform of proprietary technologies and capabilities spanning mining, processing and separation, metals, alloys and magnets. The company also prepared the Wheat Ridge facility for demonstration-scale operations to support future commercial processing activities.
The facility has started initial campaigns to test and optimize three processing methods simultaneously: processing ore from the Round Top project, processing third-party mixed rare earth carbonate (MREC) feedstock, including material from Serra Verde's Pela Ema mine, and recycling rare earth magnet swarf. The resulting oxides are expected to support downstream metal, alloy and magnet production through Less Common Metals, one of the few commercial-scale metal, alloy and strip cast producers outside China. Heavy rare earth oxides such as dysprosium, terbium and yttrium are critical materials used in defense, energy, electric vehicle and other advanced technology applications.
The demonstration campaigns are expected to generate operational data that will support the Round Top Definitive Feasibility Study, which remains on track for completion in the fourth quarter of 2026 and publication in the first quarter of 2027. As operations advance, the Wheat Ridge facility is expected to play an important role in strengthening the U.S. rare earth supply chain.
Snapshot of USA Rare Earth’s PeersAmong its major peers, NioCorp Developments Ltd. (NB - Free Report) is working to move its Elk Creek Project in Nebraska closer to production. In August 2025, NioCorp completed its first drilling program at the Elk Creek Project on schedule and within budget. In February 2026, NioCorp started construction of the main underground access for its Elk Creek Critical Minerals Project in southeast Nebraska.
USAR’s other peer, Trilogy Metals Inc. (TMQ - Free Report) , continues to make steady progress at the Ambler mining district. Although Trilogy is not yet in production, it is taking a step ahead with Ambler Metals LLC, which is a joint venture with South32 Limited. In July 2025, Trilogy began a multi-year core re-boxing program to protect drill core for long-term future use.
USAR’s Price Performance, Valuation & EstimatesShares of USAR have gained 90% in the past year compared with the industry’s growth of 50.3%.
Image Source: Zacks Investment Research
From a valuation standpoint, USAR is trading at a forward price-to-earnings ratio of negative 71.85X against the industry’s average of 14.92X. USA Rare Earth carries a Value Score of F.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for USAR’s 2026 earnings has decreased over the past 30 days.
